Why? They control the Play app itself anyway. Isn't verification done by the privileged "Google Play Services" special background service? Which is basically the userspace, which is where Google pushes security updates (because carriers and phone makers don't).
I see, so the limitation is that app updates have to keep using the same key, and that's enforced by the OS? Couldn't the Play Store uninstall then reinstall in that situation, to update to the new key?
Is it? They control the store, which can install apps remotely, and most developers are handing them their private keys for convenience. You also have to trust that Google gave you the right one every time you install a new app.
What is the practical advantage of having apps signed by long-lived keys that were handed to Google without your knowledge over a Google key bundled with the store?
Either way, you keep the same option of installing an alternate store like F-Droid or downloading APKs if you don't trust Google.