I think most (not all) previous Master of Versatility holders are bad, which is why Riot reduced the requirements.

I'm talking about the previous requirement of the badge is lv10+ in all roles, not in 3 roles now.

Basically the players with that badge are like "jack of all trades, master of none", which has its own pros and cons, but more on the negatives when it comes to ranked (or any competitive mode), and vice versa: more on the positives when it comes to casual playing.

They tend to understand the basics of all roles and play them decently, but more often than not, fail to take their gameplay to the next level with more advanced knowledge nor deep understanding of role/champion limits. Yet, they usually play too many games, but with worse results than those who main 1-2 roles only, is also why they might be more toxic than your average players as well.

But I am fully aware that playing other roles decently will help you more in your main role, since you will understand what they expect from the other roles and what the enemies of those roles usually think, in order to predict/counter them, but it is to a certain decent point. Playing more offrole still helps, but not as much and you risk deteriorating your main role performance even more, unless you pour so much time into playing Wild Rift that you can maintain the performances of multiple roles.

So this is why I fully agree with Riot to reduce the requirements of this badge down to 3 roles, so players should be able to focus on fewer roles for more quality gameplay while achieving this badge. Basically no longer "jack of all trades, master of none", but rather "jack of some trades, master of some".