Spectator count alerts cheaters to pause cheating
I have the game to play, not watch. I most only bother spectating enemies if it's down to like the last 2 teams or if think it was a suspicious kill. The last game I was in (Armed and Dangerous) my entire team went down from a guy that rapidly one shot each of us. I don't think we were close enough to each other that a sniper from the distance he was at could switch targets in quick succession but when I spectating it was like an entirely different person was playing missing shots left and right. Maybe he just got lucky on my team, I could be entirely wrong.
BUT
If he was cheating and now has a spectator would he continue cheating? Maybe. Some people are cocky or just don't care so they'll continue when watched but if they care about the stuff, like skins, they've bought or "earned" on their account they won't cheat while watched. Some people report any suspicious kills without spectating, I'm sure some people think they are so good that they report anyone that kills them. Sometimes you don't even need to spectate, I reported a teammate the other day because he was pinging things on the other side of walls he couldn't possibly be able to target with a ping. However, I prefer to spectate someone if I think something was off on how they killed me, most people I never report because watching from their perspective things check out but its entirely possible I've spectated people that just stopped cheating. Conversely I'm sure there are false reports on people because whomever reported them just assumed they'd stop cheating if spectated so they just report and move on. Stuff like that is why cops wiretapping a drug dealer and people having a P.I. follow their possibly unfaithful spouse don't make a courtesy call to let them know. Its just silly to let potential wrong doers know exactly when they're being monitored.
TLDR; Giving potential cheaters a heads up someone is watching defeats the purpose of watching. Removing the Spectator count will increase reports against legitimate cheaters and possibly reduce false reports against non-cheaters