$0! = 1$ is consistent with, and for reasons related to, how we define the empty product. See this entry on empty product.
Empty product:
The empty product of numbers is the borderline case of product, where the number of factors is zero, i.e. the set of the factors is empty. In such a "borderline" case, the empty product of numbers is equal to the multiplicative identity number, $1.$
Some of the most common examples are the following:
- The zeroth power of a number x: $x^0 = 1$
- The factorial of $0: 0! = 1$
- The prime factor presentation of unity, which has no prime factors
Just as ${n^0 = 1}$ for any $n$, we define, as a convention, $0!$ to be $1$.
Added observation:
$$e^x = 1 + \frac {x} {1!} + \frac {x^2} {2!} + \frac {x^3} {3!} + ...
= 1 + \sum_{n=1}^\infty \frac{x^n}{n!} \tag{1}$$
But the following is a more concise definition:
$$e^x = \frac {x^0} {0!} + \frac {x^1} {1!} + \frac {x^2} {2!} + \frac {x^3} {3!} + ...
= \sum_{n=0}^\infty \frac{x^n}{n!}\tag{2}$$
$(1)$ and $(2)$ are equal if and only if $$\;\;\displaystyle e^0 = \frac{x^0}{0!} = \frac {1}{0!} = 1 \iff 0! = 1.$$