According to the article, people are annoyed by the low-quality and scummy content posted by the new wave of blue-checks. Previously, the blue-check system was used by Twitter to curate content. Now, it's a low bar to boost low-quality content. Whether or not you like the outcome of the old blue-check system, what we're seeing is a large number of highly-followed users who are revolted by the outcome of the new system; and there's evidence that their followers are participating in the blocking campaign. Because they want to see the people who were previously boosted instead of the low-quality content.

While investors may be paying for the infrastructure, it's the old blue-checks who were providing the value. The site needs both -- lose the infrastructure, you've got nothing; lose the value, lose the investors.