The obvious "severe" penalty (probably too severe here, but used for illustration) for an infraction would be loss of game. But in many cases, the reason for the behavior is loss of game, so that would not be a deterrent. Loss of round would not necessarily help, either, if that was the last game of the round. There would have to be more, e.g. forfeiture of something already gained, like a zero for the round even if you had already earned points in prior games.
Anger isn't going to go away; even in "real sports," people need to vent, and can do so in ways that do not incur game penalties. [There are ways that do incur penalties, e.g. when directed too severely at other people or the facility itself.] In golf, you can toss your own clubs in the lake or bend them by whacking them on the ground; the penalty is you can't use them any more. But they're your clubs, so your venting was somewhat self-contained. Ditto tennis rackets: I saw several players whack their rackets on the ground in frustration hard enough that they had to grab a replacement in both Mens and Womens matches at the US Open. But you couldn't throw your racket all over the court, where someone could get hit by it, without a penalty. We don't have such player-owned used-to-play items in pinball. We could use a designated anger reliever item. A non-toxic way to release the stress.
Still, I can't resist one more joke: if you're playing WWE, is specifically chair molestation part of the game?