Yeah, Merchant Alliance got the short end of the stick with Season 11, (Treasures of Adventure, the voyage rework).
Not only are Merchant voyages not really able to be chained together like other factions, but the payout is especially bad for the extra care it requires you to put in. On top of their quests being disproportionately less rewarding, they also lack as much variety and high value loot throughout the world, whereas OoS and GH have Kingly treasures available all over. Take all of this, and factor in the fact that they still have Commodities that are wasting away in abandonment, paired with the fact that the Cargo Runs don’t even properly give you bonuses for Guild or Merchant emissaries, and the Merchant Alliance is just really, really unfortunate. Can’t water plants properly either. Don’t get me started about supply purchasing.
I wish to see it get brought up to speed with the others.