At first Peter's afraid Master's just angry to see evidence of them being used (or recognizes that it's because of punishment/them being bad) because he's possessive (Masters generally are) but Matt eventually recognizes that really, it's just that Master seems to very much dislike either of them being in pain/being owned by previous people. (What a strange fetish.)
Re: Slavery AU, Matt and Spider-Man end up technically owned by the Punisher