I regularly report scam ads as well as obvious catfishing friend requests from obviously fake accounts whose only post is a sketchy URL to some "sex chat". Almost all of the reports are rejected.

It seems obvious to me that Meta's moderation is mostly about pretending just enough for regulators to go away, and no more. Hell, Meta probably indirectly makes money from these scams by targeting more scams at the people who fall for them, at a premium. Meta makes money, scammers make money, regulators are content. It's a win-win-win.