There's some misunderstanding of how the one-liner works, so here's a writeup.
You can break the one-liner into two lines to see what is happening.
1. hobbes@media:~$ export badvar='() { :;}; echo vulnerable'
2. hobbes@media:~$ bash -c "echo I am an innocent sub process in '$BASH_VERSION'"
3. bash: warning: badvar: ignoring function definition attempt
4. bash: error importing function definition for `badvar'
5. I am an innocent sub process in 4.3.25(1)-release
2. Create an innocent sub process. Bash in this case. During initialization...
3. ...bash spots the specially formed variable (named badvar), prints a warning,
4. ...and apparently doesn't define the function at all?
5. But other than that, the child bash runs as expected.
And now the same two input lines on and OLD bash:
1. hobbes@metal:~$ export badvar='() { :;}; echo vulnerable'
2. hobbes@metal:~$ bash -c "echo I am an innocent sub process in '$BASH_VERSION'"
3. vulnerable
4. I am an innocent sub process in 4.3.22(1)-release
2. Create an innocent sub process. Bash in this case. During initialization...
3. ...bash accidentally EXECUTES a snippet that was inside the variable named 'badvar'?!
4. But other than that, the child bash runs as expected. Wow, I should update that machine. :)