Nobody as near as I can tell touched on the issue of why one man had several wives in the Bible which explains a lot both as to the legitimate act and reson it was allowed. I see no expressed prohibition as such except in Paul's Letters. The reason it existed wasn't for pleasure it was for survival of mankind. Men died in wars and there were far more women. To survive as well meant large families were needed as the home was ran somewhat like a company.
It caused King David great pain and Solomon as well. By the time of Pauls writings marriages were more likely centered on one man to one woman as under the Roman Empire Israel although occupied was not at war and the male population prospered except for such acts as Herrods orders of killing every young male at the time of Christ birth.
In todays cultures I see no value in it whatsoever. Trying to please one wife and stay out of her way is a plenty. I think that was the heart of Pauls meaning on marriage :>} It served a needed purpose in it's time but I honestly don't think any sane thinking man would want more than one wife :>} It's not saying I would give up the one wife I have as I wouldn't till GOD himself ended our union.
Thank you for a considered and historically informed response. Like you, I think that polygamy would be one thing in a period when women outnumbered men on a large scale, and quite another in a period when the ratios are essentially even. For myself, I certainly don't want a polygamous marriage.
If you look through the old testament, you will find that polygamy was for the purpose of having a large posterity. One man with 4 wives can have a LOT of children.
Just as a side point of interest, this is also the reason given for the LDS practice (Jacob 2:30). It is specifically given by special dispensation for the sole purpose of God raising up seed "unto me." In other words, righteous posterity.
Abraham took his handmaid to wife to have a child. It was lack of faith on his part, not trusting the Lord to give him one through Sarah, but Abraham was not condemned for it, nor did he lose his promised blessings (as David did when he committed adultery and murder).
Jacob, on the other hand had 4 wives (Rachel, Leah, and their handmaids) for the sole purpose of bringing forth the nation of Israel, through which the Messiah would come in fulfillment of the promise given to Abraham that all the world would be blessed through his posterity. Jacob's polygamy was recognized, approved and blessed by God.