It does do something. I have reported a few people and had them warned, banned, or even rating points adjusted.
Please keep in mind that chess.com probably gets hundreds of such reports - and many are probably just from disgruntled people without any legitimate compliant other than they did not like their opponent.
I can only imagine the number of reports they get regarding suspected cheaters that are submitted by players that are simply frustrated that they lost to their opponent, and the only reason they can imagine is that their opponent cheated.
Also, I am sure there are many people reported for what they have said. Please keep in mind there is a real balancing act here. Individual freedom of speech, versus not offending someone else. There is a very fine line between the two - frankly there is probably significant overlap. For example, anyone of us could and should have the right to speak freely about a political candidate that we like, but chances are half the readers will be offended as they don't think that same way. A few on the far fringes (right or left) may choose to report such speech. (substitute anything else for political candidate such as science, global warming, Whether COVID is really the big deal we are all making it, abortion, any number of issues. you would get the same results.)
PLEASE DON"T START DEBATING ANY OF THOSE ISSUES HERE - I only brought up the concepts to make a point.
Finally, when chess.com makes certain decisions regarding a report, they are understandably trying to keep certain things confidential and protects players privacy. So while they may tell you they took action, (or they may not), they typically don't say what action or which player they took it against.
I’m I do it too... someone thought this was a dating site!
What the heck! It’s called chess.com not date.com!
Did they think a Class "A" player was smaller than a Class "D" player?
+1