It does affect trust to some extent. For example I could have had control over a domain a decade ago, got a trusted cert, then let the domain lapse and MITM it

It does affect trust to some extent. For example I could have had control over a domain a decade ago, got a trusted cert, then let the domain lapse and MITM it later after it was acquired by somebody else with my still valid cert (if they never expire). Regular validation to ensure the cert owner still has control of the domain is important. That said, I agree that the way browsers handle SSL can mislead users about their privacy and security on the Internet.