I heard from several mods that they get LOTs and LOTs of these reports daily
That means that either a lot of bad posts are being reported, or some people are overusing it. If people are not properly using it, moderators may want to warn people against over-reporting, and start penalizing people who
repeatedly report things that ought not be reported. Of course, it is up to the owner of the site to decide whether or not to do that, but that is what I would recommend.