What the Commercial public Certificate Authorities wanted, more than ten years ago, was a change to browser UI to make it easier to sell the better (more expensive) certificates to their clients ("subscribers" in technical speak). They wanted the Subject Organisation shown prominently.
What the browsers wanted was for all the Public Certificate Authorities to get their shit together and do a better job.
They met and discussed at length how both sides could get most of what they wanted. The immediate results were twofold:
1. New versions of popular browsers (all for desktop operating systems because this is over a decade ago) added the "green bar" showing the Subject Organisation for certificates which met some agreed criteria.
This is a pretty good deal for the CAs, they get a new product they can sell for a premium price, the browsers do a bunch of extra engineering work. Many feared this was creating a something like a treadmill, they predicted that soon "EV certificates" would be cheapened and a new "Even more Extended Validation" would be needed, with correspondingly higher prices just to get back to reasonable trust and the cycle would repeat forever.
But there's two unexpected consequences. Humans like socialising, so the meetings continued, the CA/Browser Forum standing meeting is now important across the industry and it set not just these "EV SSL" guidelines but eventually the Baseline Requirements for all "SSL certificates". https://cabforum.org/baseline-requirements-documents/ Also, desktop browsers ceased to be as important because everybody now owns a mobile phone, and the quite different UI in a phone browser lets them reconsider what is important. An Android phone doesn't show Organisation info prominently, just the domain name.
So in the end mostly the browsers got what they wanted more than the commercial CAs. The CAB BRs have allowed them to gradually tighten things up, the treadmill runs in reverse - so that today your $0 Let's Encrypt cert is produced under more stringent conditions than were needed for the $$$ Extended Validation certificates from 2007, and the EV UI is less important though it still exists in popular desktop browsers.
Fixing the problem is arguably better for at least two of the big browser vendors than just getting a cut of the money, that is Mozilla and Google. Both need a trustworthy web, Mozilla as part of their charitable purpose, and Google as a direct need of their business, so for them improving DV over ten years was much better than making a few grand off the higher priced certificates AND it avoided the inevitable conflict of interests taint.
Did "OV" exist at the point you are talking about, more than ten years ago, that "EV" was solidified?
If not (I literally hadn't heard of it until now), it seems like the "treadmill" has worked in a different way, filling in the market underneath with a cheaper "OV", which it's unclear how it's security assertions are any different than EV, it's just cheaper (and it doesn't get a name in the location bar). I'm not sure this is helping the security landscape.
In the mid-1990s, the Netscape Corporation invents SSL so that their web browser ("Netscape Navigator") can offer secure encrypted web pages, a huge innovation that will make it possible to do things like sell stuff on the Internet.
They find out that basically there's a problem here about who the hell you're communicating with securely, and one obvious option is that Netscape sets itself up to make this decision. And the problem is that obviously competitors won't accept that, and so either the Web gets balkanized or nothing ends up secured. Also Netscape would need a whole new division to bootstrap this whole identifying web sites and proving their identity problem.
However, the X.500 directory system already has an associated system of certificates X.509, and some fairly serious-sounding companies are minting such certificates, so Netscape picks some of those (names you're familiar with today like Verisign and Thawte) to offer certificates for their new Secure Sockets Layer encrypted web.
The X.500 system envisions a single global directory hierarchy, countries are at the top (e.g. C=GB - the United Kingdom of Great Britain and Northern Ireland) and under those are States, then Localities, and Organizations, and Organizations have Organizational Units under them, one vast all-encompassing tree, envisioned by technologists but never actually realised.
So, SSL uses X.509 certificates, and those have X.500 directory names for their subjects, but no such directory really exists, and so the Certificate Authorities write whatever seems roughly correct into the certificate, or they check what an applicant wrote, and if it seems OK they just sign that.
At first then, the certificates are what we'd now call OV because there is no other kind of certificate.
But there's a pressure on the Certificate Authorities to drive more revenue, and making more certs at a lower price seems easier than persuading everybody to buy a $500 cert. So they invent "Domain Validated" certificates. You write the Fully Qualified Domain Name into the X.509 "Common Name" human readable field, and then you write "Domain Validated" in fields like Organizational Unit, and it looks pretty much OK in Netscape Navigator or the shiny new Microsoft Internet Explorer web browser, but instead of needing make international phone calls and own paper business directories for foreign countries now you can just send an email to like "certificate-officer@example.com" and call it job done.
And it kinda, sorta works, and there are other more pressing problems like making dynamic HTML work, so the web browsers mostly just let the Certificate Authorities carry on doing whatever seems best to them... for a while.
What the browsers wanted was for all the Public Certificate Authorities to get their shit together and do a better job.
They met and discussed at length how both sides could get most of what they wanted. The immediate results were twofold:
1. New versions of popular browsers (all for desktop operating systems because this is over a decade ago) added the "green bar" showing the Subject Organisation for certificates which met some agreed criteria.
2. The Commercial CAs all agreed to obey these "EV SSL Certificate Guidelines". https://cabforum.org/extended-validation/
This is a pretty good deal for the CAs, they get a new product they can sell for a premium price, the browsers do a bunch of extra engineering work. Many feared this was creating a something like a treadmill, they predicted that soon "EV certificates" would be cheapened and a new "Even more Extended Validation" would be needed, with correspondingly higher prices just to get back to reasonable trust and the cycle would repeat forever.
But there's two unexpected consequences. Humans like socialising, so the meetings continued, the CA/Browser Forum standing meeting is now important across the industry and it set not just these "EV SSL" guidelines but eventually the Baseline Requirements for all "SSL certificates". https://cabforum.org/baseline-requirements-documents/ Also, desktop browsers ceased to be as important because everybody now owns a mobile phone, and the quite different UI in a phone browser lets them reconsider what is important. An Android phone doesn't show Organisation info prominently, just the domain name.
So in the end mostly the browsers got what they wanted more than the commercial CAs. The CAB BRs have allowed them to gradually tighten things up, the treadmill runs in reverse - so that today your $0 Let's Encrypt cert is produced under more stringent conditions than were needed for the $$$ Extended Validation certificates from 2007, and the EV UI is less important though it still exists in popular desktop browsers.
Fixing the problem is arguably better for at least two of the big browser vendors than just getting a cut of the money, that is Mozilla and Google. Both need a trustworthy web, Mozilla as part of their charitable purpose, and Google as a direct need of their business, so for them improving DV over ten years was much better than making a few grand off the higher priced certificates AND it avoided the inevitable conflict of interests taint.