You have made some valid points.
People that were grandfathered in, like me, had a very easy time getting high ranked accounts, and it could be argued that it's not fair.
This happens all the time in the world. An excellent example of that is bitcoin itself. The people who were here in the early days, could have mined 50 bitcoin blocks on their laptops.
The people who were in this forum back in 2010-2011, could have gotten legendary accounts by 2014 if they stayed active with not a lot of effort.
My position is that the forum rules are fair. Yes, there could be more merit to go around but we should be careful not to cheapen it. But as you are not owed bitcoins just for joining and being part of the ecosystem you are also not owed a high ranking bitcointalk account.
Yes, you'll have to work harder but you can rank up. I agree, there should be a lot more merit to go around. But ranking up always took some effort and so did bitcoin mining. (to use my analogy).
It's not like people back in 2010 showed up on the forum and were given a legendary account.
I'm not someone who puts a big effort into this forum and I'm not a bitcoin expert at this time and I've gotten a few merits here and there. The system is fairly new and merit sources are being added. I think you'll be able to rank up if you put an effort into your posts.