Since first learning about them, I've appreciated the Krampus folklore / rituals as examples of cultural psy ops waged on children to illustrate and enforce acceptable behavior. The notion that a child's Xmas receipts aren't guaranteed, but rather depend upon an annual reckoning of naughty versus nice, is one of the elements that's been leached out of the holidaze during my lifetime.
Go back and review the lyrics to
Santa Claus is Coming to Town (
http://www.41051.com/xmaslyrics/santatown.html), which dates back to the 1930's. Their face-value implications are more cautionary than celebratory.
When I was a little kid (1950's; USA) it was not unusual for parents, adult relatives, church acquaintances, teachers, and even the occasional adult stranger encountered in public to remind us children at anytime during the year that our actions - especially whatever naughtiness they'd just caught us doing - could / would have Xmas consequences.
Visits by Krampus (most especially those in which both Krampus and St. Nicholas arrive together) seem clearly designed to inculcate and reinforce a lesson that bounty accrues to the nice, while the naughty risk disappointment, if not punishment.
I won't go so far as to claim I miss being subject to that lesson, but I do believe we're somewhat poorer for having abandoned attempts to teach it.