The blue check symbolised (symbolises) being verified, i.e. this account belongs to who it says it does. But it doesn't carry out any/sufficient checks to actually verify that.

See also: https://x.com/jesus/status/1590405986925543424

Twitter created that definition and now the EU has the divine right to not let them change it? Verified can and does mean many things.

They have the legal right, similar to the federal government in the USA. You can disagree with their judgement, but they clearly have the right to enforce it.

They do though within their borders?

referring to legality is self referential, since they enact the laws, everything they do can be legal. US could sentence commissioners to prison by enacting certain laws or declare war, we wouldn't certainly say 'they have a right to do that' in that situation.

Governments actually have the legal right to enact regulations on how companies operate within their jurisdiction.

If the company does not want to comply they can simply stop operating there.

The common meaning of language is important. If they want it to mean something other than 'verified' as commonly understood, they should rename it.

There's no actual need for checks.

They call it 'verified', and, er, do not seem to do much in the way of verification. I mean, it's hard not to see it as misleading at the very least.