It does do things...
You don't get instantly punished just because someone tried to report you, otherwise that would create problems with false reports. The way it works is that a report flags a game, so the system checks. It will keep tabs on what games you actually performed an offense, and after an amount it will give things like chat restrictions all the way up to a permanent ban. You may not think there are consequences, but if you take a look at this boards section over a few days you will soon realize that it is a pretty brutal hammer coming down on peoples' accounts.