Did it occur to you that then people will focus on reporting?
Some will create accounts for making 1-5 posts that are reported, yay.
Many will report posts that maybe don't need to be reported.
It'll just create another problem imho.
Users won't report posts intentionally that they think are wrong reports, because it requires good reports to get a badge. Therefore, it would be counterproductive for them to report any old post. However, due to the amount of users reporting that will likely result in more bad reports, but that's a small trade off considering there should be a lot more good reports than bad.