It's "ready" in the sense that it runs, analyzes every single shot in every single game played on valve matchmaking servers, and submits the suspicious ones it finds to the player-controlled overwatch system. At John McDonald's GDC talk he showed them achieving a 98%+ success rate, which while not enough to start banning people outright since any false positives are too many, is super promising.

If I had to take a bet I would bet it will never work.