I'm with you. I think these cheap, Apple-bashing blogs want to make this into a bigger deal but there are a few things that don't add up to make this the huge issue they think it is:
1. The bug lets you download contacts. Nothing else. As you've said, no one's going to pay six figures for a bug that lets you get someone's contacts from GameCenter. If this was even slightly more abstract and didn't specifically deal with just GameCenter, I could see it being valuable for companies that do phone-to-phone transfers, for example, because you could download someone's contacts from a locked device. This isn't that, though.
2. Nowhere in the article, or even the original tweet, does Apple acknowledge or state that he was the person that initially found the bug. They just confirmed that the bug exists and asked him to keep it confidential. It's entirely possible that the reason for the delay is because someone discovered a lower-level bug that rolled up to this and it's a bit less clear-cut who is owed the credit for the fix that they released. They're not just going to go around and pay everyone who claims to have found a bug. They have to verify it and make sure that it's not something they've already discovered through another report or on their own.
3. Sometimes this stuff just takes time. When you're dealing with codebases that as large as this, changing a small thing to fix a bug can unintentionally break a bunch of other things. It's not always a simple matter of "this small piece is broken and is completely independent of everything else". We have no idea if this is or isn't one of those cases because we don't really know much about it (and for good reason).