The system attempts to solve an important problem: figure out who's a human (not a robot) online. One could argue Sam is creating the problem as well as the solution, I suppose. Still, it's better than only having the problem.
Right now the problem does not seem extremely pressing, but I believe it might become more so.
Even if we don't see rampant abuse of AIs masquerading as humans, another ambition of WorldCoin is to perform wide-ranging experiments in UBI, and being able to distinguish "real" humans in that context is absolutely crucial. This goes doubly in the third world, where people often simply don't have IDs (and available forms of IDs can be easily manufactured through bribery).
(That being said, I broadly agree with the criticism of OpenAI laid out in the above article. Still, we can have nuance.)