A couple comments:
1) The prevalence of so many 'noble' characters may be just as much to emphasize the continuity of the story. LotR is not a stand alone tale, it is but a very long and elaborate chapter in a much greater epic, the HoME. This story spans so many generations, the nobility and bloodlines help us to see that what we do has an effect on our children, and their children, and so on, and reinforces Tolkien's belief in the power of history, and of knowing history.
2) Were Merry and Pippin really 'noble', in the strictest sense of the word? There is no real evidence that the Master and the Took are true hereditary titles, based on the law of primogeniture. We do not know that they took these titles because they were due them, or because they proved their worth.
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