Not exactly, but they did 'throw the book' at Schumacher pretty much. But I don't think anyone involved in the running of the sport has the appetite for that sort of punishment in the social media age.
"After his badly-executed attempt to take Jacques Villeneuve out of the 1997 title decider at Jerez, the FIA World Motorsport Council met to discuss Michael Schumacher’ punishment. On this day in 1997, it was revealed that he was to be stripped of second place in the championship, and made to participate in a road safety campaign the following year. However, all of his individual race results stood.
The council discussed whether he should be banned for the 1998 season too but, given that Schumacher’s actions weren’t pre-meditated, opted against it. Schumacher accepted the decision and remains the only driver to be disqualified from the drivers’ world championship. It meant that Heinz-Harald Frentzen was moved up to second overall and David Coulthard to third."