"The TPM requirement allows Riot Games, the developers behind Valorant, to ban cheaters' PCs in addition to banning their account and/or IP addresses. This is done through the Trusted Platform Module's burned-in RSA key that cannot be erased or altered. Each RSA key enforces authenticity with its associated device, making sure that Windows and any apps running on the machine know who the system is."
It seems to me that since cheaters are already modifying or supplementing the software, it should be possible for them to replace the TPM functionality with software that just pretends to be a different PC with a different key.