No, meritocracy likely is not the best system. It just happens to be better than the others we've tried at scale so far-- including attempting to give everyone the same opportunities regardless of ability. What else is being described there, if not communism? What am I missing?
The real underlying problem is that we are strongly predisposed to naturally arrange into hierarchies. That's not something you're going to take out of people. When you try, they spontaneously form their own. In a system where you say you're giving everyone equal opportunity, people will still pursue acquiring power over others, and will try to hold on to it when they get it. We aren't likely to stop this behavior, and if we do, at that point I'd argue we would essentially be a different species.
Please consider that you are advocating for communism. I hope you will consider reviewing the histories of China and the USSR, et al. after World War 2. The critique and solution you offer do not lead to “actual equality.”