I haven't encountered any cheaters that I'm aware of, but I'm not particularly good, either.
As long as there's so much incentive to play and play well to get cosmetic items that can be sold, I don't know what they can do about this. It sucks, but people that get banned will presumably just buy new copies to farm more currency to buy more stuff.
DotA and CS:GO force you to link your phone number to your account to play online. PUBG needs to do the same. Will clamp down on cheaters hard