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Blizzard doesn't want or feel the need for a gold sink, they have said multiple times that they believe inflation counters gold selling, which is a Good Thing™. The bag is just something that is relatively meaningless but useful, that gives people with tons of gold and nothing to spend it on something to do with it, rather than just waiting for a 20k two person mount or a 5k hairstyle in WotLK. It's functional but unnecessary.
On a related note, has anyone actually bought one of the other items on the test realm to see if equipping it has some sort of glamour effect on your character?
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