They must have put it back (under pressure!) then, because it wasn't there last year. I actually went looking for it specifically after I read the WaPo article about Etsy scammers just to see if they'd put the option back.
Also, I just now looked, and you're right: in the browser view, there's now a ^tiny^ little "Report this item to Etsy" link at the very bottom of the product listing, to the lower right. It's literally the last thing on the page.