The problem I have with 4chan is the fact that so many users post out of the need to please others and to be looked on favorably by the community as a whole. If you get reported or banned for something you believe, you'll be less likely to support it. This may not seem like a big deal, but eventually everything you do has been influenced by what others have convinced you to believe.
Communities like 4chan create robots out of their users, it encourages the idea that majority equals veracity.

I won't try and say the internet doesn't do this, but I feel not banning and deleting relevant threads that don't break the rules just because no less than two people don't like it and reported it creates a more open atmosphere for the beliefs of all the minorities.

Reported has basically just come to be used to ban posts you don't like.