If you understand the sentiment, then you must understand the in character reasons for it. It has to do with flavour, ingame history, the idea of lore, and it's a reflection of how long your character has been around and how much opportunity your character has had to make a difference. These things are all IC.
Not exactly. My great-grandma lived for 98 years, and in those 98 years she didn't gather even one hundredth of the fame Michael Jackson had by the time he was 12

It's not about how long has been around, and you can't just say that even though you nor your character has had absolutely no part in the community for the last 2 years, that somehow your character has done 100 remarkable things (that no one's heard of until you come back and tell them OOCly) and is thusly more important than the leader of a prominent guild that's only been around for 1 year...
There's three main flaws:
1. Like I said, it doesn't make logical sense that legendary heroes just pop up all of a sudden after 2 years of no activity, without warning or pretense.
2. Save a free beer at the tavern, or maybe a flock of gushing fans, there's no advantages legendary/famous people really have. There certainly wouldn't be famous-person-only equipment that nobody else can wear. Though I
can see NPCs being more likely to trust an important task to someone of legendary status... Still, that's flawed in itself, because...
3. It would be totally OOC, and totally stupid to have a whole bunch of 'legendary heroes' all traipsing around Harnquist. Most people have multiple characters - in some case as many as 7 or 8 - if you multiply that by the amount of people who've been around a few years (even those that stop in every so often to check up) that means there'll be a
lot of so-called heroes running around. Probably more heroes than normal people.
Legends are legends because they're rare and amazing. If every other farmer/miner walking around has a handful of glorious stories surrounding him, it just defeats the purpose.
That's just the main ones. There's also some smaller things like the fact that ideals change with the times, and one person's 'hero' is another's 'terrorist', and also the fact that you can't compare the deeds of a miner to the deeds of a demon-slayer, etc.