Its a signifier of other problems.

but, in terms of security, wrong cert looks the same to most people as wrong domain. So once people get used to the cert being wrong and click through anyway, its easy to switcheroo and do a half arsed man in the middle.

But, it signifies that people are not monitoring the outside of the network. We have cert checks which alert if they are less than 5 days from expiry, as they should have been renewed and restarted automatically. If you're not doing that, what else are you halfarsing?