As one who reviews 20+ papers per year, we don't have time to verify each reference.
We verify: is the stuff correct, and is it worthy of publication (in the given venue) given that it is correct.
There is still some trust in the authors to not submit made-up-stuff, albeit it is diminishing.
Sorry, but if someone makes a claim and cites a reference, how do you verify "is the stuff correct" without checking that reference?
I'm surprised the conference doesn't provide tooling to validate all references automatically.