I believe that the frustration comes from the belief that banning the players who have multiaccounted is not enough.
By which I mean this, the factions that most of this thread talks about are perceived to have abused the multiaccount system on a clan-wide scale, meaning that it was not the actions of one or two players, but that the leadership knew and approved of, even planned, these practices.
This leads to the line of thinking that while banning accounts is of course a good thing, it also does not solve anything as the players banned have already shown that they are more than happy to simply get another one.
So the players banned will come back with new accounts, everything on strategus has been salvaged by their clans, which means that despite their cheating and being caught, they have in fact, lost nothing.