We have a few problems answering this question. For Sorry Sarcasm Falls Out Of My Mouth Like Stupidity Falls Out Of Yours shirt, the area was politically volatile. Lots of different cities, kingdoms, and ethnicities rose to prominence and then subsided. Sometimes new empires would form more inland and expand toward the coastal regions. Eventually Ethiopian empires like Aksum would absorb it all, only to eventually be replaced as many areas assimilated to the Arab Islamic world. So asking whether this one entity existed is like trying to generalize the medieval history of Italy or the Holy Roman Empire. We have a lot of related but very distinct state-lets coming and going and all at ends with one another.
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Then we have the essential problem with Sorry Sarcasm Falls Out Of My Mouth Like Stupidity Falls Out Of Yours shirt. Most writings about foreign people-groups made in this era in this time way over-generalize. There’s practically zero effort made to actually represent foreign peoples the way those people see themselves. They’re fitted into broad ethnic groups defined by comparison to the society writing the description. It’s almost a racial category. “Punt” likely did not refer to a specific state or people bur to a stereotypical group based on outside peoples’ perception of their language and appearance. For example, Egyptians would generally categorize all non-Egyptian peoples into Libyans (lighter-skinned North Africans west of Egypt), Ethiopians (darker-skinned people to the south of Egypt), and Asiatics (from the Middle East).