F2P creates this problem. If you're eating $20-60 per account every time your anti-cheat is burned it isn't much fun anymore. But if you can roll new accounts for free, there's nothing to lose.
This wouldn't work with CSGO either, as it's a play-to-earn game where you can win / gamble for items that some people are willing to spend a lot of money on. See also Diablo 3 when it first came out, there was a good story about a guy that would run two dozen bots just scanning the auction house, buying stuff for in-game money and selling it for real money. Every once in a while they did a round of bans, but the author just bought new copies of the game and continued.