Now let's take another example: did you take a look at nullius? 
He is the best example. Not to mention anymore that he also had a topic on a similar matter - Suggestion: Raise merit requirements at the lower and highest ranks (@theymos). Let's remember some of his words from that time:
Meanwhile, nullius has 1517 merits and 1260 posts. Posts, not activity! His activity is 280.
He is the best example. Not to mention anymore that he also had a topic on a similar matter - Suggestion: Raise merit requirements at the lower and highest ranks (@theymos). Let's remember some of his words from that time:Starting with 17 merits awarded to some of my old Jr. Member posts by people who remember them, I reached the Hero threshold of 500 merits within 27 days, 8 hours, 16 minutes, 22 seconds of active posting. All in all, from the moment that theymos announced the merit system, it took me 32 days, 9 hours, 14 minutes, 51 seconds to go from zero to Hero
Meanwhile, nullius has 1517 merits and 1260 posts. Posts, not activity! His activity is 280.
Nullius deserves a rank by his name.
He writes very well. He put so much effort in his posts. It is a privilege to have a member such as him in this forum. He has knowledge, will to share, time, patience... He can't be an example for anything.
Not including theymos and satoshi, there are only 83 members who have earned 1000 merit ever, in the >2 years since merit was introduced. That's not even 1 new legendary a week. I don't think that's an unreasonable position. Increasing the limit to 3,000 would give a grand total of 5 legendary members on the entire forum (again, not including theymos). I don't see the benefit of doing that. The merit system was supposed to prevent spammers from ranking up, not create a new rank which is only obtainable by <0.001% of the forum.
I agree with this.
You can create a new rank for those 3000k merited members, or members who are here for a long time (i.e, very high activity).
But to become a legendary you need 1000 merits, which was done only by 83 members in this forum is already very unobtainable.
Maybe there should a badge or something for each 1000 earned merits.