From what I understand (though I could be wrong), Twitter’s Google Cloud Platform contract expired on June 30th. Twitter was behind schedule on changing over to another platform. So the rate limit was a poor attempt to try to keep Twitter “working”.
Clearly, it wasn’t thought through very well. It’s a holiday weekend in the US. Many people won’t be back on a normal work schedule until Wednesday (US Independence Day is on Tuesday). And people have already found ways to bypass the rate limit. And Elon had to keep raising the rate limit throughout the day. It went from 6,000 verified/ 600 unverified/ 300 new unverified to 8,000/ 800/ 400 to (last I checked) 10,000/ 1,000/ 500.