It’s not easy/possible to impersonate people anymore. Changing names is something some people enjoy be it to use them as punishments in silly bets, goofing around with friends, choosing something symbolic (in earnest or as a self-depreciating joke) or simply getting bored of theirs.
100 gems was a fair price for it. 500 makes fun uses out of question for most of us. Should some fools abusing it in general chat be the reason to lock everyone else from enjoying the feature? Especially since the fools have been pretty much countered?