If they are autovoting or voting certain content negatively, spamming the content will drain their voting power, yes.
I only pointed out one way to negate all their effort with just one account, and granted they couldn't survive on reputation if they were to be autoflag bot accounts, because if they post content it could be flagged way down the line by anyone that sees the harm it is doing to the community (your evil whales), at any point, so they would only be affecting payout and not visibility or reputation, and even then, not going to stop anyone from speaking, and if someone stops because how their content is curated, or their account they hardly have a place on the internet or on a platform where people are free to speak their minds.
It's kinda odd that you have methodically avoided addressing the fact that the purpose of flagging is none other than to give people a way to police abusive and collusive self voting, which would be rampant otherwise (with a flag ban/upvote only) simply because people don't pass up guaranteed returns or free money.