A society in which you're stuck by virtue of your parent's choices doesn't seem like a meritocracy at all. Why not just call it a "low mobility aristocracy" or a "bounded caste system" or something of the like?
because in an aristocracy or caste system you're truly stuck and your descendants are as well. Not so in the society we live in.
But it shouldn't be that way. You shouldn't be stuck in the first place.