Apart from the fact that it wasn't invented by Verisign, but by a consortium of CAs and
browser vendors, and apart from the fact that doing more vetting obviously costs more money,
the remaining part of your criticism is right on the money. Oh, wait, ...
Perhaps those who are dissing EV might get more of a hearing if they actually found some flaw
in the vetting standards. See http://www.cabforum.org/ if you want to try. If you find a flaw,
report it and the CA/Browser Forum will fix it.