Merit system in my opinion was build as a barrier for new comers and gives an advantage to early adopters in terms of signature campaign.
It's purpose really effective to minimize shitposters?
Distribution of sMerit really given to deserving posts?
There's no denying the fact the merit create some limitations.
However, barriers are only in the mind, like it is in life; what some sees as barrier is what others take as challenge to achieve the impossible. Btw, there is no rule, law or regulation that will favor all, just take National laws as a case study.
Form what I've learnt so far, the merit system still remains the best solution so far (at the moment), except of course you have a better solution, in which case, you can please share and it might just be adopted if, it's better and fool proof.