To dream of being grounded (punished) by your parents may represent a waking life situation where you are temporarily cutting yourself off from specific behavior. Choosing to discontinue something you like for a period of time as to avoid further embarrassments or conflicts. Letting a situation “blow over” while not aggravating it any further. Taking a “timeout.”
It may also reflect self-punishment or self-discipline. Abstinence and self-reflection.
Alternatively, being grounded by your parents in a dream may reflect really bad choices that have consequences. Feeling that you didn’t listen to someone and are paying for it.