Problem is not cpm model in general, problem is all the things shady ad networks/brokers do to serve crappy traffic.
Cpm model in general is not a bad thing.
Lets say on average per 100.000 impressions you get 10.000 clicks and 1 sale for 15$. Lets say it cost you 10$ to achieve that. It does not matter if ad network charged you:
a) 10$ for 100.000 impressions
b) 10$ for 10.000 clicks
c) 10$ PPS
In this scenario a) is not worse than b) or c) just because a) is CPM.
It matters when they serve a) in dishonest ways you described.
So problem is not CPM model itself, problem - shady brokers. And most of them are shady to some degree.
I am almost certain that person who invented CPM model did not invent it for cheating purposes. Networks did that.
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