Does reporting people for abusive speech actually do anything?

I know it's against the rules, but if a person verbally insults you in post game chat, does reporting them actually do anything? It feels more like a placebo. I mean, it's common knowledge just how bad the post game chat is, surely if people were actually punished for abusive speech there would be less of it in post game chat?

I'm not talking about your run of the mill trash talk either, I mean actually insulting people.