It seems like many people are comparing to Vagrant to FaceIT and ESEA. They may be similar, but both of those services absolutely have cheaters. They may not be the cheaters that most people think of, going around 360 no scoping headshots and teleporting/speeding around. They are what is called 'legit' cheaters. Small changes to their aiming that gets them the headshot when they would have barely missed. A secondary laptop/screen that has a radar on it to show them where players are without an overlay component. They can stream all day long and it doesn't look like anything is out of the ordinary, just that they are good at the game.
Cheating in games can be analogous to getting an actual Virus/Trojan on a PC or Mac. Even today, I know of multiple people who think that a Mac cannot get a virus. That is just inherently not true. It is a numbers game to people who cheat/use virus'. The user base of a Mac is so much smaller, especially enterprise, why would someone with a nefarious goal take the time to make one for a Mac? They won't unless it is their specific target.
Anti-Cheats are the same. FaceIT, ESEA. etc are small pools of players who are generally already higher tiered skills. The likely hood of someone in that category wanting to cheat is already small. Then the even smaller number are players who want to cheat, and are willing to shell out the thousands of dollars it costs to get a cheat.
This is a good thing overall, but what is it worth? Is it worth the potential someone can have an easy vector into your PC? Only you can make that choice. Riot is banking on everyone saying "screw it, we want to play it regardless." You know what, they are right too. Sure there may be a few people who say I won't play because of this driver, but that number is going to be very small. Ring-0 doesn't work to combat cheats, but it does work to combat the not good one. As the example above, it is a numbers game. Riot is not naive enough to think that there will be 0 cheaters. In a game this popular, there will be cheaters. If you can make that cost of entry so high that only people who are committed to cheating do it, you're better off than almost every other mainstream AC and in turn made the player base that much happier.
Cheating in games will always be a problem. Making that barrier to entry so high that only a small few do it is the goal. Personally, I don't think this implementation is the way to go due to the security risks, but for now I will just be uninstalling the driver every single time I stop playing and reinstalling when I do. It is a compromise I am willing to make to have their be a noticeable decline of cheaters in Valorant. At its core, AI, streaming, etc. are going to be a huge downfall to cheaters. One day it will be so insanely hard to cheat in games, almost no one will do it as the profit just isn't there. Valorant is going to be popular. Popular means more cheaters. Especially being popular in China where cheating is the biggest problem.
It seems others want Riot to start banning players right on detection too. That doesn't work. You just give the developers of those cheats a way to see what got their specific cheat detected and fix it.