In order for this system to work, moderators would have to be the only people with the power to decide whether a post was spam or not, and award the accurate report. Otherwise, people would just create mass accounts and vote their own posts. This would put an even larger strain on the current mods and I assume it would take about 6 months before we saw people with even a single mod point.

This system would increase the workload of moderators and staff who are already under pressure. I think the best way to combat spam would be to hire a few more moderators.