I don't agree with that. I've always seen merits of good posts; you might be referring to posts that are technically good but are answers that are commonly replied like "your best choice would be to use a hardware wallet because etc etc...." . There's enough enough sMerits in circulation for the good posts out there.
Okay, I agree that legendary should be hard to gain. But some people became legendary just for posting while others really need to work hard to get the same.
Also, what do you say about abusing system? I think many people may have several account and give merits to themselves or obtain merit in some other unfair manner.
Again, first movers advantage. And again, it would be a lot more unfair to the veterans if the mods/admins would revert back all the ranks.
Merit abuse is certainly a flaw, and is being closely watched by a good number of people here in the community. So it's being watched at a certain extent; and I suggest that you do too.
Relevant topic:
LIST: USERS THAT ARE ABUSING MERIT SYSTEM