I think many high-ranked, older accounts are inactive and that might account for why they haven't earned any merits.  That data doesn't take into account how active members are, and I know there are a lot of members who made it to Hero and Legendary, and they simply don't post much anymore.

And some older members like gameristo haven't earned any merits because they're here just to buy bitcoin.  I would imagine there are examples of similar cases with the regulars in the Collectibles section, although I think they do give each other merits there.

Whatever the numbers say, I see it with my own eyes every time I read posts here that the majority of shitposts are from low-ranked members.  There's been a serious influx of new members who heard it's easy to make money on the forum, and that's only happened in the last couple of years since all of these ICO bounties started.  Some of them made it to higher ranks before the merit system was implemented, but they're usually not Sr. Members or above.  They're not earning merits, just like the rest of the bounty spammers aren't.

I'm trying to find Newbie and Jr. Members to give merits to, but man....it's rare to find posts worthy of merit by the lower-ranked peeps.  I actually get a feeling of accomplishment when I do finally come across a good post made by one of them.  It's almost like an Easter egg hunt, except there are only 10 eggs hidden in an area the size of Australia.  Crazy but true.