Good points - I'm not saying flagging is a perfect system ... because it is far from it. I just wanted to point out a situation where it could have been a beneficial tool. I DO think that flagging is very different than just the absence of an upvote. One is ignoring and one is a small slap on the wrist - which psychologically feels different to the person doing the harassing.
Is it worth it for all the headaches and harm it's caused on this platform? Not sure... but I do see there has been some value brought about by it.