Those who played when the WoW token was first released: what effect did it have?

For context, I haven't played retail for a long time, I'm just a Classic player trying to figure out the truth of the situation.

Blizzard is claiming that the WoW token reduces 3rd party RMT. If you played when the WoW token first came out, does this ring true for you? Were there other variables at the time that would have also contributed to a reduced amount of RMT? And how did the community perceive the token at the time?

Personally, I just can't fathom how the token could possibly reduce RMT. It normalizes buying gold and teaches people that buying gold is an okay way to play the game. If anything my prediction would be that the token causes *more* RMT. Meanwhile, Blizzard takes a $5 cut of the $20 WoW token which is used to pay a $15 sub fee. Given that they take a middle man cut of 25%, wouldn't this naturally result in not many competitors having to lower their prices?

I would genuinely be happy if anyone could provide an explanation as to why my assessment of the situation above is wrong.