I didn't understand it then, and I don't understand it now: Why did the powers-that-be just give up so quickly on the Ferengi in season one? "Oh, they're to silly to be taken seriously as a credible threat."
To me, that could have been, even if unintended, a useful story tool, to create an unexpected threat from those who seem relatively harmless. The crew might have been "disarmed" by the Ferengi, thinking that the stories they'd heard about them were exaggerations. It could have been interesting, to see Picard, Riker, etc. fall prey to the sometimes-human tendency of self-deception. Then...wham! Heck, they kind of did that with the goofy Pakleds, after all.
I'm not implying they made a huge mistake with them or anything, I just don't understand giving up without even trying. I'd noticed back then that the name 'Ferengi' had even made its way into the 'everyman vernacular', much as the Klingon name had done before...so why waste that? Throwing in the towel on them so soon would be, to me, like changing the name of a product once it became familiar to everyone!