Puddle Punch does not take into account all conditional weapon damage increases like normal Melee attacks do. Using Point blank, we can see the light melee attack does 82 damage, while a puddle punch 'light melee attack' does 68 damage. This is similarly replicable with the lack of adjusted damage on puddle punch if using an item like long range which does not change its damage either. Interestingly, items like Pristine Emblem ALSO do not factor in their conditions, doing 84 on a light melee attack and 76 on a puddle punch!
Items like crippling headshot which reduce bullet resist appropriately have the same damage on both light melee attack and puddle punch.
light melee attack

Puddle punch

Items like crippling headshot which reduce bullet resist appropriately have the same damage on both light melee attack and puddle punch.
light melee attack

Puddle punch
