Sounds like I might not have been the only person to think the plan was over-the-top. From the New York Times:
But reaction to the ads, some of which would have featured Geico’s signature mascot, a green gecko, came quickly. Preservationists and some local officials criticized the deal, complaining that the displays would have destroyed the aesthetics of the landmark bridge. The mayor of Fort Lee, where the toll plaza is situated, said that the Port Authority might have run afoul of local laws governing the placement of signs.[...]
In backing out of the arrangement, the Port Authority said the revenue from the advertisements was not worth the hostility the plan had received.
“We misjudged the negative reaction to this,” Mr. Sigmund said. That reaction, he added, “was becoming a distraction to the agency, which faces big and serious issues over the next decade.”