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1. Valve no longer earn money from banned accs, because f2p.
2. Most of cheaters don't buy skins, so they don't generating money.
3. Less cheaters = better game = more players = more money from skins.
Additionally VAC is always correct so there is no possibility to perma ban legit players.
That's why :D
The tin hat is strong with this one.
They just don't work, or do work, but ban the wrong people.
One important thing when it comes to account bans......you want to be a sure as possible that you are banning the right accounts.
And that is what VAC does.