What FDev calls "ban" is not the revoke/block of account. It's a permanent shadowban. Kind of permanently forced Solo mode.
Not a problem at all for those who already plays in Solo always.
Does the shadowban also prevent them from contributing to CGs, participating in powerplay, affecting the BGS, manipulating market supply/demand, affecting the Thargoid war etc?
Because, if they can possibly affect me in any way possible then it isn't really a shadowban. Really, just outright banning them by deleting their account would be a much simpler solution to this whole scenario, producing a wonderful win-win scenario were the legitimate players benefit from fewer cheaters as they are scared of losing their accounts, while FD benefit from extra funding due to compulsive hackers burning through multiple accounts.
Alternatively, they could just stealthily alter the game for them like how some games do to prevent cheats and/or piracy without actually making it apparent that something is going on. Simply make it so that markets offer them terrible prices, mission boards offer consistently worthless missions and they continually get interdicted by supercharged near-unbeatable NPCs. Cheater stops playing but has still paid FD for the game and therefore everyone who matters wins.