I think the intention of Merit system is good. But unfortunately I do feel that the idea to award a merit count equal to the minimum required for the respective rank to all members was probably not the right decision.
Why? Because, according to me, Merit count on any profile should reflect the quality of the posts made by that person, but actually it is NOT, here its also a function of account longevity.
Meaning of Merit as per legitimate sources;
"the quality of being particularly good or worthy, especially so as to deserve praise or reward."
The current rule is basically assuming that all members have created "meritful" posts till now. I understand there are plenty of senior members (especially active in this Meta) who deserve every single merit they have but there could have been another method to award Merits retrospectively.