With VAR it should be easy to spot play acting, hand out restrospective fines to the players after a match if necessary and you'd cut it out over night.
The amount you would have to fine today's player to affect his behavior, the players association would never allow, and just the precedent for saying "you're faking it" would be very difficult in today's subjective world (and Podence who I mentioned from the other day would be a pretty flagrant example, touched on the chest and holding his face, etc.).
I think it was David James who used to ask ahead of time, how much he would be fined for missing training so he could do a photo shoot somewhere, and then just write the check out on the spot.
Not sure if this is on video somewhere,but I think in Jürgen's first season there was a game where Joao Teixera, went down like this. It might have been an actual foul I don't recall, but he stayed down and was being so melodramatic with it. The camera was on Jürgen and he could plainly be seen and heard, saying, "Joao.....Get Up!"
THAT is how it would be stopped, when the teams, coaches and players themselves said "No more." But you will find very few managers with that kind of ethic, so I suppose as Scotia and Kopite78 say, we're stuck with it.