Meritocracy only works if it's not a lie. It doesn't magically happen out of nowhere, it's a consequence of a system that can cull bad actors.
Real life is not that system. In real life, bad actors, con artists and CEOs run amok exactly as much as they're allowed to.
Completely deregulate and go full retard (to use what ought to be, but isn't, a more politically correct and inoffensive term for 'free market') and you only guarantee without a shadow of a doubt that your OCRACY is the farthest possible thing from MERIT.
In the best of all possible hypothetical worlds, the best you could hope for is that merit is not actively a disadvantage: nobody's penalized for wasting time and effort getting good. In this world, that's time better spent learning to con people, or building up a social media herd of suckers to fleece, and choose wisely.
Please never all-capitalize meritocracy again. As it is a malicious lie in the absence of a serious and well-organized and administered system with coherent goals and definitions of 'merit', it doesn't deserve even one capital letter, really.
Next you'll be telling me Google, and YouTube, are meritocracy in action. Or Uber.