after St. Louis police unions instructed officers to publicly display The Punisher's insignia (the mark of a lawless, fascist murderer) the comic book community was quick to point out the stupidity, and the frankly horrifying message sent by supposed peace officers endorsing a maniac. So it's a good thing The Punisher personally confirms he hates cops who see him as a friend… making every cop who "wears his mark" or calls themselves a "fan" look like shameful fool in the process.
He's definitely a lawless murderer, and the types of cops that display his insignia certainly seem to lean fascist, but what makes the Punisher fascist?
It means both things, you just have to pick apart who's saying it.
Put another way, if someone is a fascist, one of the best things they can do is muddy the waters. Fascists love confusion about what they are. You're never not going to deal with this problem.