Until recently when bitcointalk admin adjusted their ranking system, only few users of the forum value the importance of 1 merit. To me, 1 merit is equivalent to having nothing prior to the changes in the ranking system. Infact, I hardly notice any difference between those that have just 1 merit and those that did not have as both set of people earned similar pay in bounty and other contests that are based on bitcointalk account ranking.
To be frank, 1 merit means a lot, even prior to the changes in the ranking system. It show the competency and how versatile a user is. It also tells the difference between those that make quality contribution and post quality comments. But unfortunately, only few of us noticed it and this led to the uproar after the changes.
To bitcointalk admin, one merit is cheap and should not be difficult to earn for anybody that post quality comments or make quality contributions but to two third (2/3) of the community, earning 1 merit is like embarking on heavenly journey which is full of uncertainty (I mean no one can say whether he/she will make heaven or not).
In fact, some believe that nobody cares no matter how quality, captivating and convincing your post is.
"...nobody gives merit for writing quality post" somebody jokingly said in a group. But to me, that (quote) is still an hypothesis.
Straight to my point, here are the reasons I believe just 1 merit is enough:
It tells the difference between quality and quantity.
It is a VISA to Jr member rank lol.
It gives members the opportunity to wear signature.
It makes a user to be recognized and respected.
It allows user to wear text.
Most importantly, it earn user more compensation in a bounty and contest lol.
And many more..... You can add more 
