Your further explanation above causes me to wonder exactly what are the "forum privileges" that allegedly currently exist for Legendary members that do not currently exist for Hero members?
I was not aware that there were any privileges for Legendary members (as compared to Hero members) beyond symbolic - meaning the rank title itself.
Duh. I see I was wrong here

. I thought only Legendary members were able to use colour background in their signatures. But now I just checked the rank thread and it seems that Hero Members are also able to do this ...
I think I got confused because of the slightly different Senior Member ChipMixer signatures (without coloured backgrounds) which I thought also were the Hero Members' signatures.
In this case, I have no problem with the current rank system. The only "privilege" for Legendaries, in this case, were the 1000 auto-generated merits every Legendary got when the merit system started (in contrast to the 500 Hero merit points), and this one only was an one-time benefit.