While its true that belts were never really an indicator of skill, they were still something that you had to earn by fighting matches in-game.
Before no qi items, high qi joints like pure were something you needed to earn by fighting matches in-game.
When I first started playing Toribash, I always pictured the 'pros' with probably the most awesome toris. Now, its possible for a white belt to wear all of the joints that were once restricted to the more experienced players.
Of course you can make the point that "They earned the TC to buy these items."
However, when you consider the fact that you don't even need to fight a single match in Toribash in order to make that TC, the question "What's the point of playing Toribash then?" comes into play.