As much as the cheaters are annoying, no anti-cheat has been able to block cheaters entirely.
In fact, we had fewer cheaters on private servers back when we could have private servers than we do today. Why? Because we could remove and ban IPs, MAC addresses, usernames, etc when we spotted a cheater. They'd go somewhere else and our server would be mostly clean. Nowadays, though, companies choose to control the entire MP experience and to try and control the cheaters they add invasive anti-cheat software that has invasive kernel level access to your system. To the extent that a single bad bug could render you entire system vulnerable to a cheater or other bad actor.... or in some cases prevent you from using certain keyboards, mice, etc since it would override and block drivers that the Anti-Cheat approves of...... Vanguard does this, Battle does something similar.
Coming from the Info-Sec world, this is a Information Security Disaster waiting to happen.