There's no incentive to cheat — you'll get caught sooner and later. You'll create a new account, get caught again, and then get IP banned.
The Codeforces cheating detecting system is not foolproof — one can simply get all the codes from Open AI, alter some lines and change some spacing, then wait a reasonable time before submitting it. They would still gain a lot of rating, as they would still get close to first place.
But this shouldn't be a concern, as the entire Codeforces community is built upon integrity.
But somehow, this is a concern. For some reason, cheaters exist and are thriving in Codeforces. This should not happen.
Honestly, normal bans are not OK in this scenario. If a cheater cheats, DON'T just disable their account — they will just create another one. Codeforces will have to IP ban them.
Please comment suggestions. This problem is getting worse and worse. In the last few contests, more than 4% of the top 2000 participants were cheaters. This is not okay.