The problem is that only
part of the generation is done using an arguably-harmless well-known algorithm.
The process is essentially: 1) take the current UNIX time as integer, 2) seed a POSIX drand48 generator with it, 3) draw random numbers and feed it to X9.62-1998 A.3.3.2 - which starts with "choose an arbitrary seed and sha1 it", 4) discard some via an unknown mechanism.
People have made a convincing argument that there isn't enough entropy in 1) and 4) to be malicious. What hasn't been addressed is that 1) and 2) are arbitrary choices, and someone with malicious intent could just as well have chosen "take the current UNIX time as ISO8601", "take the current second of the year", "take the current date as given by `date`", and similarly many variations on the choice of PRNG algorithm to arrive at one of a wide variety of potential harmless-looking algorithms.
Coming up with a few hundred variations of each wouldn't be too difficult - and that's instantly another 20 bits or so of entropy. Add the possibility of doing timestamps in milliseconds and it's 10 more. Now your "you need 70 bits of freedom to select a weak curve, and we've barely got 30" is down to "... and we've barely got 60". Start considering slightly more esoteric things like "use your favorite Bible phrase as initial seed" and I bet you can fill up that gap without too much effort.
Is it far-fetched, and it is far more likely that it was indeed done in good faith? Probably, yeah. Then again, we do have Dual_EC_DRBG as a reminder that this is exactly the sort of stuff that NSA and NIST has a habit of doing...