Does the "Report Violation" even work?

Ever sent in a ticket to Steam support? They are the same people who are going to respond to the reports.

Should I not have done that?

They ignore reports from what I've seen. One time someone spammed a ton of virus links on my profile, they also did it to some of my friends. Bunch of people reported them and they ignored it. I don't even bother reporting anyone now.

"Thank you for reporting offensive content and helping to keep the Steam Community clean and friendly."

I think it's the same impersonator that commented in my Steam profile a week ago. I've reported him, the only thing I can do :/
Good luck with it.

Sent me a friend request just after that I offered you a Steam key in your thread.

I immediately blocked him/her and reported.

It's largely ineffective and mostly there for show. The reason is because they made it without thinking about making a structure behind it. You can accuse anyone of anything but what constitutes evidence? What is the due investigation process? They do not provide any criteria to go by. So most of it is just so they can take notes and see how many false positives vs actual reports they receive. In the future it may actually be useful but it isn't today. However, we don't have any other options so can't do anything about it.