He did not simply "own the name weblogs.com". Weblogs.com was the first service that could be pinged to say your weblog has been updated, which he implemented first in his company's environment, then in PHP (IIRC). It then showed a list of all updated weblogs. This worked pretty well before the spammers showed up.
It wasn't just a name sell, it was a service sell.
(That may not sound like a very difficult service, but there were scaling issues as time went on. And... at the time that it sold, $2 million wasn't much money, either.)
I already addressed your point in my original comment.
I believe that Verisign bought weblogs.com mainly because they wanted the name, not because of the service. The site was already losing traffic and becoming irrelevant when he sold it, due to the increasing number of much more useful related services such as Technorati. In fact, if I'm not mistaken, Technorati had a valuation of over 12 million dollars one year before Verisign bought weblogs.com for 2.3 million.
However, I think your contention that they didn't want the service is wrong, since they are still running it. Swing on over to http://www.weblogs.com and see for yourself.
You may think it was a dumb decision on their part. (I do. Weblogs.com did its thing back when the weblog world numbered in the hundreds or few thousands, but even pre-Twitter it was pretty obviously increasingly worthless at the time it was sold. Even if the tech side scaled, the social side did not.) But clearly they did want it, and still do want it enough to continue running it. (Though I wouldn't be surprised it gets shut down any day now...)
It wasn't just a name sell, it was a service sell.
(That may not sound like a very difficult service, but there were scaling issues as time went on. And... at the time that it sold, $2 million wasn't much money, either.)