Punta Gorda is a city in SW Florida. Bangor Punta was a holding company that used to own S&W.
OK, now that we've got that established...
During the Bangor Punta ownership era, S&W introduced many changes that were intended to save money, such as non-pinned barrels, non-recessed Magnum cylinders, less-fancy stock checkering, and cheesy-looking one-piece boxes. Many collectors also feel that S&W quality control slipped during this time period; although most agree that the quality of the Bangor Punta guns was equal to the earlier ones on a good day, many feel there were a lot more bad days.
However, S&W definitely made many great guns during this era.
IMHO some of it is sour grapes. First, Bangor Punta was not a gun company; IIRC their primary background was producing soap and operating railroads. S&W had previously been owned by the Wesson family and their close associates, so the mere concept of S&W being owned by a
soap company was anathema to some.
Second, B-P diversified S&W's product line into various other police-oriented products, primarily handcuffs, but also a bunch of other assorted items. To some, this diluted their name and reputation as a gun company, although it undoubtedly earned (and continues to earn) a lot of money!