I consider a cracked bat to be an altered bat. Its characteristics have been altered after it rolled off the assembly line, and a crack in the bat is a huge safety hazard. How it was altered was, 99% of the time a bat is cracked, completely unintentional. However, if a player disobeys the order to get rid of it for that game, then I would say that warrants an ejection, which is backed by the rules.
When I find a cracked bat or a bat that doesn't pass through the ring, I always find the coach/captain and tell them to get rid of it. I usually say it loudly enough so that everyone in the dugout can hear me without question, and my voice does tend to carry when I'm in uniform.