Since the two fighters had a rematch (with a definitive ending) less than 6 months after their first fight, I really don't think it would have made much of a difference at all. It was clear who the better fighter was. And, Mercado never won another meaningful match again.
If I'm not mistaken, I believe that the 1st fight was held in Quito, Ecuador which has a ridiculously high altitude. Hopkins not being accustomed to the lack of air would have given Segundo a massive home field advantage. I believe Hopkins sorted it out in the second.
I was at the rematch at the Capital Center. Hopkins ruined him. He never did anything after that fight I've heard the first fight was a bad decision and that Hopkins should have won.
Hopkins also took the fight on 2 weeks notice. So he was not acclimatized, not 100% fit to fight, hadn't studied his opponent and was fighting in his opponents backyard. Had he lost a controversial decision, the IBF would have ordered a rematch just like they did after the draw and we'd have the same outcome. Hopkins would have one extra loss on his career but would go onto have a HOF career while Mercado would have faded into obscurity.
I honestly thought i read that Hopkins considered the draw a turning point in his career and he stepped things up another notch thereafer but damned if i can find it.
Mercado never won a meaningful match before he fought Hopkins, either. He was essentially a regional level fighter who peaked at "fringe contender", if we're being generous.