Topics like this does generate interest in reporting more posts, but reporting shouldn't be forced to do so. Whenever you watch a spam/off-topic irrelevant reply you should report that, but initiating a competition for highest number of posts is not really good (in my opinion). Spammers have reached their limit of spamming and since they are not getting ranked up as earlier to higher ranks through their spamming, most of them left the forum actually. Other Left out people here are those really good posters and those who are still hunting down for merits and abusing them. If such a merit competition is to be created, the abusers would be aware of this and would start spamming the report section to receive their first, second or third place which shouldn't happen. Merit was not meant to be given as a award for such competition.
Another fact is what o_e_l_e_o said, spammers could easily change the report stats with just using a inspect element page and receive their merits. Or it could happen such that, they would report almost everything in Bounties (Altcoins) section. That place is just absolute trash and we can easily get around 20-30 reports added to your count daily. None of the staffs is really available here to confirm these numbers other than theymos himself and probably we are never seeing these report stats quite often. Whenever theymos thinks of providing us with the stats, he posts them. Other than that depending on him for stats is just like wasting our own time.
I guess "Spam Buster Club" created by iasenko is a better alternative and is more like a community to work together in trashing the spammers. I don't think rewarding or monetizing these reporting would really work in real time or for a longer time.