If you forbid the possibility of creating a certain number of alternative accounts, then the attitude towards their easy creation would change dramatically. How do many poker casinos determine that a user has already been in their system? They use an anti-fraud system, and this is not only a block by IP address but also many other fingerprints that the user leaves on the sites. All this, of course, can be bypassed, but this adds complexity for unprepared people.
Based on all this, the rules that exist today would sound more complete and logical. If you can not appear on the forum after the ban, then bypassing the protection would be more difficult, and for some, it is simply impossible.
The number of bounty cheaters and those who create new accounts without problems today would have sharply decreased if they received a negative tag.
But today the rules are written so that many can break them, thereby proving the rules' inferiority.