It started as a construction term. From our friends at Wikipedia:
A punch list is a document prepared during key milestones or near the end of a construction project listing work not conforming to contract specifications that the general contractor must complete prior to final payment. The work may include incomplete or incorrect installations or incidental damage to existing finishes, material, and structures. The list is usually made by the owner, architect or designer, or general contractor while they tour and visually inspect the project.