That's false. First, it reduces the number of ads, second, it gives you many pro features like long tweets, edit button, and increased visibility in certain situations.
Some people do have a legit need for some level of verification. However, I also find a surprising number of people who seem to be quite deeply invested in the status, for lack of a better word. This really started pre-Musk when a blue checkmark theoretically meant you were notable (on some axis).