FYI, I tried the process you mentioned, I'm not sure it's as simple as your post implies (if that process could be called "simple" anyway). I've tried a few different orders of "report, delete, ban", and clicked the "ban" button in at least two spots (one that was directly in the feed and another that comes up under Reports in the magazine panel). No matter what I do, it always shows up as "unban" in the mod log. However, there is a list of bans under the magazine panel, and that does show the accounts as banned.
So, I'm really not sure what is going on here. Maybe it's just a problem with the log and not with the banning itself?
Anyway, thanks again for pointing this out. Hopefully someone can figure out what is going on.