WallStreetBets says Twitter was selling verifications. They would refuse to verify you, then demand $15,000.
(media.kotakuinaction2.win)
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Verification changed from "I am this person" to "I am an approved member of the cheka in good standing with the Party." I forget which year they started doing this, twitter would take peoples' verified status away if they posted wrongthink. They did this to everyone they could get away with doing it to, including I think candidates for office in some instances.
January 2016, they unverified Milo Yiannopoulous.
That was the moment checkmarks blatantly ceased being identity verification, and became marks of approval.
I believe it started with Milo getting his checkmark taken off him, did it not?