I knew web forums that had that. Members that donated to the forum got a special status icon. It could get "trendy" and every one wants to show that they are part of the in-group.
Having to pay in order to be save from impersonation sound like extortion though.
If you abuse the rules your payment account and your Twitter account will be banned [0].
Maybe you have more than one CC, but keep playing shenanigans and you’ll eventually run out.
An $8 disincentive is also enough of a bar to knock out 95% of the problem.
0: https://twitter.com/elonmusk/status/1587853006699401216#m
If they're giving a checkmark to anyone with $8 to spare, then what is stopping me from registering the "realRealRealDonaldTrump" and paying $8 for that sweet checkmark?
From what I have read in American News Media I see so many things that have been blatant lies published by respected News Media like NYT and WaPo. But I don't think I have come across corrections regarding such national and international stories.
Regarding your statement - " ... degrades the value of our public spaces." I believe even your mainstream news media is guilty of the same.
The news is that they're effectively removing what verification there was, and the checkmark becomes basically a TF2 hat that means nothing. You'll be able to change your display name to "Elon Musk" and buy a checkmark.