I know this all too well. Basically if FB actually did something it would cut into their bottom line. Like you I have reported countless ads and posts to FB. These range from the “Like and share” clickbait junk to sponsored scams, blatant pornography, sites paying to sell stolen credit card numbers, dangerous illicit drugs, and so on. The best you can do is leave a nasty review so that will hopefully warn others. I have some written up for each category that I just copy and paste into the review field.
I seem to be getting a lot of illegal gambling sites now that are just scams trying to get me. I don’t even gamble, have no interest, and leave a bad review 100% of the time so don’t know why they don’t stop. Facebook is just maddening. Old style web forums are where it is if you ask me.