Why? Picard and the Federation knew about the Ferengi before Picard actually first encountered them.Borg was ok. Ferengi was embarrassing.
Hell given the way the Ferengi turned out the one episode that really stands out as a WTF episode WRT the Ferengi was TNG's "The Battle" which has a Ferengi vessel attacking the USS Stargazer out of the blue for no reason; and continuing the attack as Picard tries to make peace.
^^^
Given the Ferengi were ultimately shown to be interested in nothing but commerce and profit; an open and unprovoked attack on an alien vessel that didn't attack them first makes zero sense. You"d think they'd have respond to a hail from a federation vessel with an offer to sell something to the Federation, are strike up some sort of commerce agreement.