For me those reports are usually entertaining, not annoying. I like to see what is happening in the city around me, even if it is not related to my route. It is like listening news on radio about some massaker in a far away country (you don't really care about it, but keep listening the news out of curiosity).
However in my city I don't usually get more than 10 reports and I totally agree that there should be a way to control it/switch it off.
However waze staff like serious issues more - for the last 8 months I hear that they concentrate on infrastructure (not very successfully since I saw the timeouts and trunkated routes again recently), so they are not even able to put a link from one "server" (NA) to the other (ROTW) on their website to help users find their maps and points, not to speak about some changes in the client (although some long awaited changes are promised in the new version, which is beta-tested now)