Pinocchio is the stuff of nightmares. And that's a good thing. It's much harder to be an effective morality tale if the audience is not scared out of their minds. And this is especially true for Pinocchio.

Forget Cronenberg, this is Body Horror that sticks with ya 'til you die.
In fairy tales, wolves are supposed to be scary. Right and wrong are supposed to be transparent and easy to see. As Bettleheim said, "the figures in fairy tales are not ambivalent--not good and bad at the same time, as we all are in reality...A person is either good or bad, nothing in between." And the easiest way to differentiate right and wrong in a fairy tale is to show the drastic, terrifying consequences of making a poor decision. And boy does Pinocchio deliver on that.
In many ways, the wolves of traditional fairy tales are found all throughout Pinocchio's story. True, there is no actual wolf (although Honest John the Fox comes as close as anyone to physically occupying that rule) but the archetype is there all the same. Stromboli, Honest John, Gideon, and The Coachman all occupy this role. They all deceive Pinocchio with enticing offers, and are eventually revealed to be the destructive monsters that they really are.
There is, however, one major difference in the way that the wolf archetype is used in traditional fairy tales and how it's used in Pinocchio. Normally the wolf either succeeds in his goal to destroy the protagonist (as it is in early versions of Little Red Riding Hood) or he is outsmarted/killed by the protagonist or a protector (such as in, um, other versions of Red Riding Hood). However, NONE of the villains in the film are punished in any traditional way. Not a single one. Honest John and Gideon receive no karmic punishment for either of their kidnappings of Pinocchio. On the contrary, they seem to receive a decent amount of money for both attempts. Stromboli also receives no punishment. He makes a large sum from Pinocchio's performance, pays Pinocchio with counterfeit money, then holds him against his will for future shows. (although you can argue that his losing Pinocchio and failing at his kidnapping plot was sufficient punishment for the story). Worst of all is the Coachman, who not only kidnaps dozens of boys, but manipulates them into turning into jackasses and then sells them into forced labor. And then he's never seen again. Not only that, but we never see the boys/donkeys again.
I'm fascinated by this idea, mostly because it seems like Disney films normally do a tremendous job with karmic justice. Maleficent is stabbed with a sword after turning into a dragon in Sleeping Beauty. The Wicked Stepmother in Snow White falls off a cliff (and is struck by lightning). Scar in The Lion King is thrown off a cliff and devoured by hyenas. Ursula in The Little Mermaid is stabbed with a boat (and is also struck by lightning).
Disney sure knows how to kill a bad guy.
Not doing so in Pinocchio provides a very interesting contrast. Ultimately, the film's main purpose is not to punish evil, but to demonstrate its negative effects to Pinocchio, and by extension, the audience. We learn that it's wrong to lie. We learn that it's wrong to skip school. We learn that there are consequences for smoking, drinking, and destruction. And in some ways, the film's refusal to punish the wolves reflects some of the harsher realities of life. Rich men get richer, even at the expense of others. People can sometimes get away with committing crimes. So by showing the audience the terrifying consequences of doing bad things, the film is able to provide a strong moral lesson for children, and by abstaining from punishing the villains, the film provides a deeper (albeit possibly unintentional) meaning about the harshness of life that can be appreciated by adults revisiting the film.
...also, Jiminy Cricket sucks at his job. Just putting that out there. It's important everyone knows.
Note: I'm just gonna leave this video from Cracked that over-analyzes Pinocchio in the funniest way. Warning: some language.

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