How to merge these two post queries?

The answer is “take the array from the tax_query argument in the first query, insert it into the second and change the relation to OR”.

In other words, to use a single query with the following in the arguments …

(As stated before, $terms_list_ids was already generated; it contains the IDs of Company terms which have meta that matches the current Topic term).

Credit for the answer goes to a Reddit user.

  // taxonomies
  'tax_query' => array(
    'relation' => 'OR',
    // Posts related to a Company with this Topic...
    array(
      'taxonomy' => 'company',
      'field'    => 'id',
      'terms'    => $terms_list_ids,
      'include_children' => true, // <<< IMPORTANT
    ),
    // Or...
    // Posts with this Topic directly...
    array(
      'taxonomy' => 'topic',
      'field'    => 'slug',
      'terms'    => $topic_term->slug,
      'include_children' => false,
    ),
 ),