That’s not remotely true.
1. One of the big reasons Twitter became ubiquitous in society is because news broke first on Twitter. You could watch things unfolding in near real-time.
To keep it apolitical, if you’re Adam Schefter and you get a text confirming that LeBron is taking his talents to South Beach, if you stop to write a 500 word blurb about it to publish on ESPN.com, Ian Rappaport was going to scoop you with a 280 character tweet before you had even opened your laptop.
2. That was useful for users when they could easily discern unfamiliar but credible sources of news.
A hypothetical example: a fan of UCLA being exposed to Austin Price for the first time to learn that Nico was signing with the Vols. If he was verified, you knew there was at least some independent basis for the tweet. Now, what’s the difference between Price and the verified UCLA versions of Sabanocchio falsely “reporting” that Nico would be signing with UCLA? You may never see Price’s account amidst the noise, and if you do, why would you believe him over the trolls? It wasn’t flawless, you might miss out on hidden gems, like whoever the RF gold standard insider is, but it was better than having all three of them lumped in the same indistinguishable mass, which is what exists now in sports (and world news, politics, and every other subject).
3. As a result of the changes, the information coming from Twitter about topics with which I’m not already extremely familiar (e.g. the San Francisco 49’ers) is now worthless to me. Now it’s just straight up Grumors for everything anybody cares about. That wasn’t the case, before.