Perhaps, if those kids start breaking board game records. Fewest number of turns to Monopoly millionaire? Most items placed on the Buckaroo horse? Chess and go games would be better examples.
But more seriously, how seriously should people take these events? For those that are actually runners (and not just trolls), running may be there passion and doing well in these (pricey) events might be the highlight of their year. And then they hear others are cheating and I can imagine some would get very angry about that. Same with absolutely anything you invest your resources in.
If its in a public competition, yes, kids should be outed for cheating.
Less publicly...how many families get into it when someone gets caught cheating?
If i play cards for pennies with my friends, and one cheats, should nothing be said?
Absolutely not. No child should be publicly outed for anything whatsoever. Perhaps quietly disqualified, but I will never find it acceptable to "out" children who make poor decisions.