It was never about verification
Leaving aside most of Steve's comment, it is indeed true that the old verification was never about verification, it was always about status.
To get verified, you needed either
1) Be a journalist with a well known news organization (that probably had some partnership/deal with Twitter, i.e NYT)
2) Be a corporation
3) Have a PR team ready to nag Twitter to death
The original blue checkmark was less of an indicator of verification (since many people with hundreds of thousands of followers never got verification) and more a symbol of a twat. In fact, if Twitter didn't like what you said, but didn't want to ban you, they could take away your blue checkmark, as they did to some well known actor (whose name escapes me, was apparently in Star Trek)
So I for one don't really care for the commoditization of the blue checkmark, because it was always a commodity, just the price has gone down.