A Chinese team called Knights were suspected of cheating with an exploit that might have been detectable through this honeypot method. However, so far, the whole team continues to play in the current major tournament that began yesterday in Lima.

The honeypot doesn't seem to have had anywhere near a 100% hit rate on users of a well-known exploit system. Lots of exploiters self-reporting that they have had some of their accounts, but not all, banned.

Valve have likely been fairly careful in reviewing the results from this method. It's a banwave after all, not an automated detection system that issues bans in realtime. Also worth noting that exploiters have reported game bans, account bans, and VAC bans, from this wave. So, the severity of the punishment seems to have been measured against some metric too. It's not a simply boolean of 'UserExploit=True', there's shades of grey involved.

Rumors (from Chinese community) also said that the honeypot was only implemented after Knights "incident". They could (would be stupid to not, if they did use) simply stop using hacks after they were in spotlight.