110 merit sources in a forum of over 3.4 million members is rather too small, way way smaller than I even imagined, I did not forget the fact that majority of those 3.4 million members are newbies, but I think more merit sources are needed not withstanding.
The number of users doesn't mean anything: many of them are never used because of evil fees, many are spambots, many are banned, many are bounty spammers and many others don't deserve Merit anyway.
Fivestar4everMVP, I agree with what LoyceV said; the number of profiles is not important for some of the reasons above. But if you check bpip, then you will definitely see that there are only 57,950 active users on the forum in the last 3 months. Think half of them are newbie and bounty hunters, so 110 merit source seems enough to be expected to make the current merit system work although some additional merit source are also needed in the local board.
I quoted DdmrDdmr data from last september 2 to show here too.
Updated the Merit Dashboard to reflect the most recent sMerit available data:
Total sMerit: 1.285.279
Total TXs: 691.708
From Users: 24.522
To Users: 44.190
minDate: 2018-01-24 22:12:21
maxDate: 2022-09-02 02:51:32
Now it's just a matter of waiting how it goes. Maybe a year from now, I'll earn this privilege.

OP, I support your application too. I hope you are lucky. Meanwhile, you can still share 1 sMerit for every 2 merit you earn at any time. So don't worry because you can still contribute even for a small amount.