That was the original purpose of the checkmark, but Elon took them away from everybody who didn’t pay for Blue or corporate verification (and didn’t have over a million followers at the time) and started giving them to everybody who paid for Blue and added a phone number.

So now the checkmark just means they are paying for “X.” Of course, I’m sure some people are now ashamed that they’re paying, so they have the option to hide it now.