I don't think everything is perfect but striving for meritocracy isn't problematic in itself. The ideal should always be "given what we know of each candidate who is expected to deliver the most value in this position?". I don't see how anyone can disagree with that. And in general it seems like companies and countries with more meritocratic systems tend to do better, so as a system it seems to work great.

"Meritocracy" as a word is sometimes used by corrupt people, but that is like North Korea calling itself a democracy, it isn't a problem with meritocracy.