Isn't that what you are talking about here?
You can create a new Steam account, sure, but that would start you again from scratch as a total newbie (and losing access to anything you'd bought)
I've wondered if there's some sort of economy here, i.e. someone with a ton of stolen accounts monetizing them by offering to cheat all day on your competitor's server.
Most of these accounts have security questions set, so you can't change the email and truly "take ownership" of the account, but it's good enough for cheating on servers.
Some shops even have an API for generating accounts or tokens, so your hack client can have a feature where you get a new account right from your game. Get banned, reconnect in a few seconds.