Not by setting the club on fireHow, specifically, could it have been handled differently in your eyes?
Apparently you started on the right path - pointing FDev to the cheats and reporting the suspected cheaters.
Then something changed and you decided to pull this stunt.
Which stunt, for the moment, is having the predictable effect of vastly increasing the number of cheaters.
What could happen is either FDev invests some (a lot) of money trying to fix it - or they will ignore it and let it fade away.
After all, it is a dangerous galaxy full of pirates, scoundrels, gankers and not at last... cheaters. And everyone has to blaze their own trail