No, they don't.
All they do is disenfranchise two clubs supporters. Some will get on board with the new entity sure, but they are barracking for their half of the merger.
Then you have complete failures like St George Illawarra Dragons. As a merger, St George have completely dominated that merge, to the point Illawarra barely have an identity at all in my opinion. Most people don't say the whole name and cut it short at St George Dragons or just the Dragons which was the monicker of St George so once again the Steelers lose out. A rebrand won't be too far away with them being called the Sydney Dragons ostracising the entire Illawarra region. The jersey as well is vintage St George, zero steelers about it.
Commentators harp on about the St George Dragons premiership run, but fail to realise as an NRL team, the St George Dragons don't exist. It's as if the merger never occurred for more people, except Illawarra fans of course.
They lost their club almost entirely!
And of course there is the Northern Eagles debacle which saw North Sydney completely lose their NRL presence.