Because the original point of it was to distinguish journalists and public figures, so you could tell imposters apart from real people. Now its purpose is to show who has a premium subscription. Totally different feature using the same name.
But not all "journalists and public figures" received the checkmark. It was entirely up to the ultra-woke Twitter management who gets a checkmark and who doesn't. I frankly don't see why the current, deterministic setup is better than the former non-deterministic one.
Now it's ultra-racist ultra-fascist Twitter management. Do you actually think that's better? Why are you whining about "woke" people who have long since been fired, but embracing the racists and fascists who are now running and being platformed and amplified on Twitter?
Yes, "Twitter". If Elon Musk can publicly abuse, humiliate, lie about, deadname, and misgender his own daughter to his millions of followers, than I can deadname Twitter.