Methinks you overestimate the amount of people who exploit. Even the Mallyx event had a very very small amount of people banned. The world wasn't suddenly barren then. I doubt the world would be barren now should Duncan include bans for those who exploited the game.
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Think about it. The GW population is rather small, somewhere in the lower thousands in average online. If there is say, 100 exploits, and 100 people used each exploit (Even by accident, as your post seems to imply, but I could be wrong there), you're banning 10,000 people.
There's a lot more exploits, and there's a lot more people who have used each. That portal jumping exploit? Almost everyone I know who has their carto title used it in one form or another.
Oh, and please don't pull out the "By Cheating" clause in there - Cheating is so damned vague, you could apply it to seeping wound, even (Omfg, seeping wound is cheating because it does a lot of damage with a 50% IMS) (Omfg, Ursan is cheating because it lets you do hardcore areas easy!) (Omfg, shadowform is cheating ... You get the idea)
Oh, and don't forget: There's an entire title based around cheating. It's called the Legendary Defender of Ascalon - That's right. Originally, it was not meant for people to be able to get past level 16 in pre, but people did it anyways, and they even gave them a title for it. Originally, monsters were not meant to level up. Do these people deserve banning?
Carpet banning is not the answer, it never is.