À proper anti cheat does not ban people, it prevents cheats. Sure you cannot prevent everything so it also includes a way to detect cheats so you can enhance the protection and ban accounts to ake sure there's a sanction. If this means the cheater needs to buy a new game then I think that's absolutely a good sanction.
If players are confident the cheat system works, they will not accuse valid players.
The current reporting system seems to be a pure placebo. Even if it would be followed, it would require massive manpower to check on reported players. A report system will never work in the long run as ea will not keep this massive manpower in the long run bur it can help to detect new types of cheats and enhance the anti cheat.
That's also why it's important the anti cheat is developed by someone who's core business is anti cheat. They will keep up support in the long run cause their solution is used for other games.
Tldr; A proper anti cheat needs to be shipped with the game. And we need a balance button.