I suspect there has been a subtle change in what is actually meant by the term "meritocracy" since I first encountered it many decades ago.
In this article, it is assumed that now it means the rise of some people towards the top of any organisation (or of life itself) because they deserve it, and will get rich because of that, and the descent of those who don't rise to the top, and are therefore failures. In a circular argument, the latter "deserve" to get progressively poorer as the more "deserving" pass them on the ladder to wealth and power. Rightwing punitive capitalism, in fact.
My interpretation of meritocracy is one based on the roots of the word -the -cracy part means "rule" and it is a parallel to terms for other words for "rule", like democracy, theocracy, plutocracy, aristocracy and so on.
Aristocracy is rule by "the best" (self-identifying as such!)
Plutocracy is rule by the rich, who can buy power.
Theocracy is rule by religion and religious leaders - who can threaten eternal damnation to those who rebel..
Democracy is rule by"the people" through the ballot box.
Meritocracy, by definition, is rule by "those who deserve to", who are the ones who are best in their field . So the best economists should be in positions like Chancellor of the Exchequer, the best medical experts and strategists should be heading up the NHS, the best negotiators and internationalists should be leading the foreign office, and the best and wisest national leader should be uniting all of these, plus the rest of the country, as Prime Minister.
The problem isn't the basic tenet that the best man/woman for a job of public office should be in it, but the fact that the man/woman who most wants the job is the one lobbying most energetically to get it, whether via attending a prestigious school, joining the most successful political party and trusting the ballot box, or spending wealth accumulated by him/herself in business or inherited, or browbeating the population with stories of hellfire. That is more likely to succeed that sober merit.
The links that should not be there are the current very strong ones between public office, celebrity, and loadsamoney. Merit in public service ought not be comcomitant with the desire to maximise the profits to be gained from the position.