Really seems to be more of an issue of the Value-of-One's-Network being greater than the Quality-of-the-Content.
This seemed to be an issue 11 months ago (New accounts soaring but Steemit use falling, multiple account spam?). Yet I haven't seen much pertaining to blacklisting, more based on what I see going on (the only thing I've seen dealing with @ blacklist has been a couple users complaining they were unfairly blacklisted, yet could still see their posts/comments).
Just doing the math (being as I was nearly 'nuked' myself by one user, I should have read the "White Papers" BEFORE calling him out....) it seems to me the value of one's account has more to do with it than anything else.
If a Red Fish gets hammered with flags and blacklisted it can ruin their account if they give up. If a Whale experiences the same level of flag attack, so long as it's value is high enough and Network strong enough, the suffering is significantly minimal compared to the same actions done upon a Red Fish. I would doubt the Whale in this scenario would even be blacklisted, doubtful since everything relates to the value of the account - the higher the value the more hits it would take to do any damage &the more powerful it's own flag becomes. Know what I mean?
Guess I should start researching the ins and outs of if an account can really be destroyed here or not, if it's more of a situation where an account finds themselves in a position they can not recover from and give up (or create a new one).