Yes, that's why some over at GBATemp aren't updating their switch and poking at it. But it'll still take a while, and "while" is measured in years usually.

There's a good chance that those with banned switches will be more motivated to find vulnerabilities in the system. Or give their banned switches to those that like finding vulnerabilities.

Also, just because some vulnerabilities are found, doesn't mean that piracy is a guarantee; there was some drama with the 3DS, and then later with the Switch 1, with the people who found vulnerabilities and built hacks not wanting their work to be used for piracy. Piracy only started becoming a thing, then, when other parties replicated (or surpassed) the original hacks and made it available for piracy. This caused some of the hackers to to leave (I think one of them was RXTools. Luma3D far surpassed RXTools).