The Mercator became standard mainly because it was useful for navigation. The meridians and lines of latitude are all parallel, so any straight line corresponds to a route on a constant heading (known as a "rhumb line"). Gerardus achieved this by mapping our globe onto a cylinder.
However, yes, it also had the useful ancillary benefit of flattering European colonialists! I don't recall ever being taught in school that it distorts the relative sizes of nations and continents.