The only way to prevent cheaters is to control the hardware. With modern Xbox and PlayStation being basically a PC that you control with a controller, I can imagine a future where you buy special online gaming consoles that you control with mouse and keyboard to play competitive games. Even that can be foiled, of course, because hardware can be manipulated as well, but it's the furthest PC gaming will go.
What I wonder about it why people put so much effort into cheating. I don't see how playing more than a few games with an aimbot is any fun. What are these people even getting out of it? Is it just having their name on a board somewhere?
Based on my observations (during 20k+ hours of playtime in multiplayer games), I don't think a leaderboard is even necessary. It often seems to be more about asserting dominance. Very simple and very primal. No deep thoughts, just imposing your will over others. It's satisfying. [1]
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[1] Of course there's a spectrum of reasons one might have to cheat. Some might be temporary cheaters who are just curious about the possibilities, others might be aiming for a specific prize in a contest. With the dominance angle I'm characterizing a certain kind of obsessive regular cheater.
It's not perfect but the cheaters generally get banned fairly quickly and it's far better than the alternative. I've played tons of games of Valorant at Radiant (the highest rank) and it's extremely rare to even run into someone that I suspect is cheating. In comparison, I get extremely blatant cheaters in about 25% of my games of CS and far more than that in CoD: Warzone.
There is, of course, a substantial issue re: privacy with this approach. A ring-0 driver can essentially do everything the system can (it's running in kernel mode). It's a two-sided coin.