Without much fanfare, if any, closed fist punches became legal in WWE about a month or so ago. Refs now only warn wrestlers and execute a 5 count when a wrestler is punching in the corner or in a mount position on the ground.
This was a good idea and fix. Ron Garvin used a punch (Hands of Stone) as a finish as did Ox Baker & Stan Stasiak (Heart Punch), back in the day. With the growth and popularity of MMA, allowing punches in wrestling just makes sense.
Independent promotions like Jerry Palmer’s NWA Anarchy in Cornelia, GA have adopted this rule change too.