It should, but this also illustrates a problem with Google Search that they'll need to grapple with in the future. Namely, that while they should treat all sites equally, in practicality there's not really much incentive to on their part.

Think about it. Let's say Google does remove Pinterest altogether, banning the site as a punishment for 'gaming' the system.

What then? The people that do search for Pinterest will find it missing, and likely assume Google screwed up/their search engine is broken. They won't know Google banned the site or what for, they'll just think 'Pinterest should be coming up, it isn't, so Google is broken'.

And I suspect that underpins a lot of instances where Google gives larger more popular sites and services a slap on the wrist for using black hat SEO. Google knows that if they really did treat them 'equally', then the average Joe would think Google's search engine was a broken mess because it doesn't bring up what they expect it to.

However, on the flip side by not banning them or punishing them, you get stuff like this where it seems like large sites are allowed to break rules with impunity and smaller ones are hit with the banhammer for a single offence. It's an interesting conundrum.