As HighKick said, the first or the limbs are not rigid bodies undergoing free motion. They are attached, driven and linked to the rest of the body, and the drive through the target is an impulse made up by an integral, you integrate the force over the contact time, and contact distance as it penetrates the target. And unlike a bullet, which has "initial energy", the rest of the body keeps driving the fist throught that target - against resistance - efter after initial impact.
This is why "effective mass" which is when you apply the naive formulate to the complex case is HIGLHY variable, in principle it can vary from "bare limb mass" to your whole body mass, depending on if you use the drive and linking correctly or not.
So while speed and acceleration of hte limb is important, the other things likely makes just as big if not bigger difference. Ie. we have linear dependence on mass, and quadratic on velocity - but both are variable and the choice is not 30% increase in V, vs 30% increase in effective mass. The effective mass can vary alot more.
Both matters. To break something, you need to both generate sufficient force to overcome material strength but you also need enough energy to complete the breaking. Breaking a rib takes both a certain minimum force, and alot of energy. They key is often to maintain the "drive" throughout the hwole strike. and not "loose force" after 1cm, you need to "drive" the strike through the target until it breaks.
Ontop of this there is also a distintion between inflicting pain(or temporary bruise) and damage (ie breaking/damage opponent).