Maybe so, but I think perhaps you're underrating the desire by state and corporate actors for tools to suppress free discourse.
> there isn't even a report feature available
No, there definitely is a "Report Abuse" button. But, there clearly isn't much in the way of a global reputation/meta-moderation system, except what's carried over from the original Genius site, which doesn't exactly share the same editorial values as an (my) ideal annotation platform. The managing editor being from Gawker and going around posting snarky/superficially critical comments on serious pieces of writing is pretty emblematic of this. Which is a shame.
Since it's related, and I'm a fan of their work, here's another annotation platform, https://hypothes.is/, whose developers seem much more serious about creating a robust reputation system.