I agree with this. I'm not sure that making economies more "meritocratic" is necessarily the only solution we have when confronting larger structures that perpetuate inequality. Even if it were, It'd be important to know who or what quantifies "merit." If it is impersonal market forces, the same unjust social systems will still eventually develop as certain families, classes, and countries entrench their economic development to solidify and secure an advantage down the line.

If you're talking about people who have some kind of mental handicap, then this is accurate, but I'm skeptical it will be meaningfully different for people with close to average intelligence or higher, because the effect of IQ will be dwarfed by other differences like how hard they work or how much they delay gratification and save.