The reason that the title-giving NPC is in Deepfathom is, to my mind, to reward the high lvl players.
The title is probaly the best or one of the best titles you can acquire.
It's one of the few incentives to actually lvl, "rewarding" those that decide to lvl past 70.
I, personally, don't mind it being obtainable only at 71+. I don't see a real need for it for people below lvl 71 anyway ( as in, you can cope without it and won't die to wait until one hits 71)