It's true that it gets deleted but then I'm certain the in-game reports usually clog up very quickly that Game Moderators may not be able to see all the reports. The thing is that if there is a limit set to the amount of reports a player can create, then it might reduce the high in-game reporting system load.
If I could put out a suggestion: Once a report has been submitted, the report limit will reduce by 1. If it's accepted, report limit will increase by 1. If it's declined, the report limit stays the same. If the report times out, their report limit increased back by 1 again. Report limits cannot go higher than 10.
For example: Person A reports Person B, and Person A has a report limit of 10. Once they've submitted the report, they can send 9 reports. If the report gets accepted, their limit bumps back up to 10 reports. If declined, it will stay at 9 reports. If timed out, their report limit bumps back to 10.