That could have been a reason for a project to have more credibility but only in the past, since now blue ticks can be bought by anyone and that doesn't make them a good project at all, even you can buy a blue tick for an account that have a certain amount of followers which means that blue ticks, especially on Twitter, have lost their credibility that they used to have in the past which used to show recognition and achievements.

So when evaluating or analyzing a project in recent times, one should never trust the blue ticks or even the number of followers on social media handles because all these things can be bought, a better way of evaluation should be to check the interactions of the users on their posts, tweets, and retweets, etc.