What else would you have them do? They are verifying this is your bank account and this is the best way to do it. Think of it like feature detection in JS vs. user agent string matching.
They're verifying that I created a PayPal account which links to a bank account to which I have read-level transaction ledger access. It's a better-than-nothing proxy, but it doesn't prove that the person setting-up the PayPal account has the legal right to withdraw funds from that account.
What else would you have them do? They are verifying this is your bank account and this is the best way to do it. Think of it like feature detection in JS vs. user agent string matching.