There's only so much that can be done in a f2p game. It's very easy to create a new account if you get a ban, so they can return in a matter of minutes if needed.
That's not me saying nothing should be done, but rather it's hard to do something.
In some other games you see it happen in waves. Either during in-game events or simply weekends.
I come from Planetside 2 where there has been some periods in time with relatively big problems in hacking/cheating. Mainly when people figured out how to alter the hitbox sizes. It was never "totally out of control" but it can easily feel that way if you happen to run into just 2 or 3 of the sinners in a short period of time. It's so easy to have your day/weekend wrecked by a few incidents.
- again I'm not saying it's only happening with a few people, just saying it's important to take a chill pill and be realistic about it too. Remember "when we're good they never remember - when we're bad they never forget" kinda apply to this.
Will Respawn/EA need to keep an eye on the problem? Sure. And I think they will. A game dying because people leave is not a healthy game. But again it's not logical to just ban every single person reported for cheating. People who are new to the genre will see every skilled player as a cheater because they simply seem to have aimbot-like tracking. So every single case has to be looked into individually.
In due time when the community report exploits etc the tools to monitor these things will benefit us all. Look at PUBG where 1.000.000 accounts were banned in january 2018 alone. It takes time to find out what's being done by the cheaters, find out how to track it and after that take action.
TL;DR - Yes, cheaters suck. No, they're not all over the game even if it feels like it. Action will be taken.