I think what the GP is stating is that if we only assess accomplishments and we do it at this stage (later in life after many different phases) those systematically disadvantaged will not be competitive (example: If you went to a crummy public school you have a harder time getting into an ivy league, harder time getting a prestige internship, getting a premium job, etc)

Affirmative action laws were introduced to address this, but the trend toward meritocracy counters them.

My guess; we end up with the worst of both worlds: One stream blind to these factors and a bunch of regulated exceptions.