I think you are severely discounting the skills it takes to lead people, and you are also making an extremely optimistic assumption that companies in the future somehow would be magically more meritocratic than existing companies, when there's no evidence of the sort. On the contrary, people with great interpersonal skills will continue to advance off of the labour of the people with only great technical skill.
Your glorious engineer's revolution will probably not come to pass if history is any indication.