Feels like a clear copycat move from Meta, probably something they have thought about, but no one wanted to experiment such a change until Twitter did. I wouldn't - I don't think it adds any value - they seem to try and monetise features that you would want anyway from the platform - i.e. security from impersonation.
Its basically a psychological factor. Since historically people associate Blue tick with authenticity, now people are ready to pay subscription to get that.
Seems like a lot of Instagram creators with audiences as small as 3,000 followers are experiencing issues with fake accounts (bots) impersonating them right now. For that user group, verification makes perfect sense.
It kinda of defeats the intended purpose of having a blue check. Unless the intended purpose has changed from "verified account" to "make the company more money".
If my reputation was at my desired level & the blue check pricing was reasonable, yes I would. Blue check helps to authenticate your platform is indeed yours