Well, whatever pomp and circumstance they're adding to this is minimal compared to the hours they spend doing it year round. It's a pretty big deal that only occasionally comes up, and if they want to waste a little more time making corny speaches, I don't see any particular reason for alarm.
I think at least one purpose for it is simply that it somewhat limits the qualifications necessary for the candidate. ie. The executive branch can't (practically) put someone up for the Court who doesn't have the qualifications. For instance, Karl Rove can't be the next Head Justice.
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