Should false reporting be punishable?

The go-to insult everyone seems to use today is "stfu retard reported" or some variant of it. Often, these reports come from players who are mad for some reason but can't justify their anger. Example:

: leona don't take my cs : it was only 2 minions : stfu retard reported

or

: udyr is 1/7/0, fucking worthless jungler uninstall the game [ALL]: report udyr for down syndrome

My idea: False reports decrease the validity of future reports. The more false reports you issue, the less your report will matter. A false report is not necessarily one that isn't punished, but rather when the reported player is clearly not at fault. That way, players will stop using the report system to vent their anger.