If he'd just had a paid for 'Simp Club' purple tick for people who wanted to have their Tweets promoted to other people with purple ticks, he'd probably have made as much in subs with none of this most amusing farce.
You've worded it differently to how I would have put it, but pretty much that.
If Musk hadn't decided that the people that were often the big draw to twitter should pay for the privalidge of making Twitter money, and just gone with a "paid for" option for those that were not notable already but wanted extra features then I suspect there would not have been much fuss about it.
Just simply not reusing the existing verification mark would have saved Twitter a massive amount of extremely bad publicity and ill will amongst both it's users who needed to know if an account was real or just paid for, and the likes to the companies that immediately had the completely unpredicted imitators who looked to a casual user exactly like they were the real account (well ok, not completely unpredicted, about half the internet could tell what was going to happen)
A number of the old verified users were already paying either Twitter or third party tools for extra features and pretty much no one would really have cared, it was the whole shakedown of the likes of Stephen King and the utterly disorganised manner in which it's been done that has made the paid for mark something so mocked an unwanted.
This mess could have been avoided by some actual understanding of the platform and maybe some market research and discussion, instead it's been one change after another with no discussion, no feedback and in many cases the owner and face of twitter actively mocking and working hard to alienate the people that any platform that relies on advertising needs to survive, and the funny thing is, it looks like Twitter hasn't actually managed to gain many paid for accounts (which is likely a good part of the reason for forcing users to have the paid for mark when they're not, it really muddies the water for anyone trying to externally monitor how many paid for accounts there are).