Similarly, I imagine the more effort you have to put in to get through anti-cheat software, the more likely you are you give up and play a different game. There'll still be some people determined enough to bypass it, but that number will be smaller than it would be otherwise.
Fwiw, I don't play these sorts of games, so I have no idea if this stuff is effective, but there's a comment somewhere in this thread saying that Valorant has fewer cheaters than other, similar games, in no small part due to their aggressive anti-cheating measures, so anecdotally it may well have an effect.
I'm sure there's some magic threshold where they say, "Eh, this kid only had it running for a week, and the account he was running it on was 8 years old, and gosh... we really don't want more customer support calls and complaints. Let's let a few slide." I'm sure there is some sort of "how serious is this offense" algorithm.
Video games have so many cheaters, but it's rare for the accounts to stay active for more than 3-6 months.
But you're right, they should ban faster, and they should do more to stomp out cheating. For people who play by the rules... it seems unjust that they don't ban faster.
One theory is that they time ban waves to increase sales. "Oh sales are down this month, better ban some more folks so they'll re-buy the game with new accounts."
Don't forget, in a lot of games, players buying in-game currency (or items) is what fuels bots / cheating. The game makers need this sort of behavior to keep some percentage of "legitimate" players (the indirect cheaters) happy and on the platform.
I'm sure they have all the math worked out. They ban at exactly the pace needed to maximize profit.
There are definitely fewer cheaters overall on console but there are more than you may think: https://www.youtube.com/watch?v=vC1dcQqCqFc / https://www.cronusmax.com/
This is what I can't wrap my head around. Every multiplayer game I ever played on PC had cheaters in it. The anti-cheat stuff seems like it just inconveniences the good guys, and does little to stop the bad guys, so what's the actual point? I play on consoles now, and the fact that there are no cheaters is probably half the reasons why. I've seen video of Battlefield 1 on PC these days. It's comical, as long as it's not happening to me.