"Meritocracy" was a satirical term invented to mock the way that the markers and abilities suggested by "merit" tend to accrue self-reinforcingly to the "meritorious" and those connected to them, creating a stratified society that pretends to justice and legitimacy by appeals to "natural" outcomes of "natural" advantages or "better work ethic", and dismissal of calls for reform with pleas that changes could only result in "less-meritorious", so, necessarily, worse, rule.

The word itself is basically a joke about the circularity and word-game bullshit of "well we assign power according to merit, so anything else is necessarily less-just". If it's not clear, consider: "Goodocracy" or "Bestocracy", or "everyone-gets-what-they-deserve-ocracy". Like... yes, sure, but the details are everything, that's just a vague appeal to stuff approximately everyone wants.

It's entirely hilarious that it's been adopted as a serious term.