I disagree. If you obtain the public key from a second location that is not rubygems.org (e.g. from gem.homepage) then that raises the bar for a potential attacker. He now has to either compromise two sites in order to inject a malicious gem, or trick you into obtaining the public_key from a forged location.
I hope 'bundler' and 'gem' hear the wakeup-call and will start displaying a visible warning on unsigned gems (please also print the homepage-url to make it less of a pain for the user to hunt down the public key). After a grace period the default should be switched to -P HighSecurity (reject unsigned gems).
Yes, it's is not perfect, users may still import keys without thoroughly checking that the source is legit. However, it'll be a huge improvement over what we have now and greatly reduce the chance of a compromised gem to go unnoticed.