By whatever metric you use, it's really about the checklist rather than substance. And the checklists are based on stereotypes, and get gamed.
Indeed in some ways it's worse. When the money is insufficient, the established researchers get it first. Then everyone else has to increasingly work for established researchers as postdocs and similar positions... helping to yet further boost the advantage of the established researchers. It went from senior researchers versus junior researchers, to senior researchers with a herd of postdocs working for them, versus junior researchers.
At least if it was based on publications, everyone gets co-authorship and in fact the first author counts most. So the postdoc and the PI gain the same new items on their CV's for their collaboration. For grants, credit goes entirely to the PI.
And while publications do help you, say in getting hired and promotions, your publications are dug into pretty deeply. They don't want to be tricked into hiring someone useless who can crank out fluff but can't win a grant.