I understand how frustrating that can be, especially with a baby! Hopefully they will get you squared away quickly.
You can find everything posted on Southwest's website regarding lost baggage here. The agents who took your report/claim were probably the best-suited to explain any compensation that might be offered.
Generally, you will be compensated for lost luggage by an airlines only after it is truly deemed lost (aka gone). If it is delayed due to it being misplaced, which is most commonly the case, I recommend you reaching out to your credit card issuer if you used a CC to pay for the trip. Many credit cards include insurance for situations like this. Be sure to keep your receipts if reimbursement is a feature you have.
-A List Preferred, Companion Pass holder, Community Champion.
Southwest should reimburse you for your purchases (keep your receipts):
"7.i.(1)(i)Carrier will compensate the Passenger for reasonable, documented damages incurred as a direct result of the loss of, damage to, or substantially delayed delivery of such Baggage up to the limit of liability, provided the Passenger has exercised reasonable efforts and good judgment to minimize the amount of damage. Actual value for reimbursement of lost or damaged property shall be determined by the documented original purchase price less depreciation for prior usage."
Southwest should pay to deliver your bags:
"7.i.(3) Baggage Delivery (i) General. Carrier will pay delayed Checked Baggage delivery charges only so long as such Baggage was tendered to Carrier by the Passenger at least 45 minutes prior to the scheduled departure time of the Passenger’s first flight."
I called the main baggage hotline and they offered to reimburse me on essentials if needed.
I also tweeted at them for some extra attention.
Good news is that our bags finally made it, after going through Florida. I was offered a $50 travel voucher for picking them up at the airport myself. Unfortunately, one of my suitcases was missing a wheel but I was offered an additional $75 travel voucher. I’m satisfied!