Oh no! I believe it’s a legitimate concern - many parts of the world don’t have loads of IP addresses, and it’s much more common to see them pooled than it used to be.
…and new account signup has been fairly steady throughout
Hmm, I don’t think that is any assurance of not disenfranchising lots of people.
I think the idea of blocking the IP address of a spammer is a tactic which comes from the USA and the times of individual bad actors and home access from cable-provided internet. I believe it’s quite inappropriate now.
It can be helpful to check an IP address against a well-maintained stoplist, or to check the address’ ASN against a stoplist of unlikely sources (cloud providers, for example). It’s still not great to block on that basis, if you want to allow people to sign up using VPNs.