I might come across as a uneducated plebeian (because I am), but I've recently had some similar thoughts about Shakespeare. This is not related to Capital in the 21st Century, it's just a tangent on the topic of "most people bought it as a signal of smartness."
When I was in high school, our English class slogged through The Merchant of Venice without any references or plain English translations. We just took turns reading it aloud from front to back. I understood the general plotline, but so much of it just went straight over my head. I've seen a few Shakespeare productions, but I always struggle to understand what they're talking about. I think I wasn't alone in feeling a little bit stupid and uncivilized, but I just tried to fit in anyway and pretended to enjoy it.
Then a few days ago I discovered "No Fear Shakespeare" on SparkNotes. [1] I read through the modern English version, and I am just so sad that this wasn't available to me in high school.
The Oregon Shakespeare Festival has commissioned 36 playwrights to translate all of Shakespeare’s plays into modern English [2], and I presume they will be performing those versions on stage. If you read that article on the New York Times (and the comments), the pretension and snobbery is off the charts.
I think people assume that you have to be smart to understand Shakespearean English, and therefore people who don't enjoy slogging through Shakespeare are stupid and ignorant. That's completely false, Elizabethan English is a foreign language. You can't just "pick it up" by being smart.
I'm not saying that we should forget the original Shakespeare. I understand the purists and academics who love the original language and pore over all the idioms and witticisms. But if I'm going to the theater to see an entertaining performance, I would much rather hear some lines of dialogue that I can actually understand. So I hope I can see some of those Oregon Shakespeare productions.
[1] http://nfs.sparknotes.com/merchant/page_2.html
[2] http://www.nytimes.com/2015/10/07/opinion/shakespeare-in-mod...