Voting starts in March for the Drupal Association Board election.
I'd venture to say yes. Reports is only one possible implementation of Google Analytics API. Having the API bundled with reports is confusing and will also (my guess) prevent adoption of the API in other projects. There is a history of separating out pure API modules (Image API, AWS SDK, CTools, Entity API etc.).
What do you think? If this change is to be made better now than after 1.0.