Ah, fuck it. Since when did I ever care what the community at large thinks of my merit source duties? True, I do take constructive criticism from members I respect quite seriously but I don't think they'd mind. Consider the 2 merits I'm giving you to have come out of my personal stash in any case.
What's the significance? Searching for that probably wouldn't give someone a clear answer, no matter how many threads showed up in the results. There's really only one reason why it's important aside from bragging rights: you can earn more money through bounties/sig campaigns because you get more signature space. If that weren't the case, rank would probably be less than 1/10th the issue it is and has been for years. On other forums I've been involved with that have nothing to do with crypto, I've never seen posts talking about rank. Ever.
Edit: I didn't read through all the posts before posting the above, and now that I read a few more I see the reason I gave was already written. Consider my post to be confirming anyone who wrote the same--because it's true, sig campaigns are really the only reason merit is important. I never read through the entirety of threads like this since I've probably seen at least a hundred of them in the past 5 years.