Yes, Kroggan, there are consequences. We don’t put reporting systems in place to act as a placebo. 
These are social systems though, which means that they work best when they are used by a lot of people. The more folks report, the faster those advertisements get addressed and lower the overall impact they have.
The ones advertising though tend to be “companies” that try to exploit the game so they usually use compromised accounts to do their advertisement. We do what we can to address those are best as we can but until their isn’t a market for it, it is a challenge. Thank you for doing what you can do report those you see violating policy.