But LeBron, Jordan, Kareem, Wilt, Bird, Magic, Russell and Duncan all won multiple MVP's. It's has merit. That's nine of the greatest players of all time.
That's actually 8 players, and the problem is that the conditions to win the award have changed so drastically in the last decade that it doesn't have as much merit as it once had. Until the '80-81 season, the award was decided via player vote, but since then, it's become a media-driven popularity contest. The requirements to win MVP can change drastically from year to year, there is no fixed list of achievements needed in a season to win the award.
The same "rules" that kept Shaq from winning multiple MVPs in the early 00s (despite being clearly the most dominant player in the league) aren't relevant here in 2013, where you see LeBron snagging them despite having a superstar teammate in Wade. Shaq wouldn't win the majority of votes because Kobe was on that team, and sportswriters wouldn't give him as many votes as he deserved, feeling that that was an advantage. Michael Jordan won it at the end of the '87-88 season tied for the 4th best record in the East at 50-32 (they won the season series with Atlanta, thus were 3rd seed), but Kobe couldn't win it in '05-06 despite carrying a horrid Lakers team on his back to 45-37. Both put up historic numbers (MJ had 35/5/6 and Kobe had 35/5/4), but one won the MVP while the other didn't, yet both of them were the best individual players in the league at that time. MJ lost out on a 2nd staright MVP at the end of the '96-97 season (would have won three straight from '96-98) because the media just didn't want to award him another one. He put up similar stats to what he did the previous season AND the Bulls finished the season at 69-13. Yet that still wasn't enough for some reason.
Thus, I don't put much stock in the MVP award anymore. It's too random with what constitutes an MVP at the end of any given season. It should go to the best player in the league who does the most for his respective team, period.