Removing inconvenient truths has been done and will be done under any system. Be it tribal, religious, monarchist, communist, capitalist, or a loose band of tree huggers. It really does not matter.
But capitalism is so successful by the one metric that matters to it - money - that it has the potential to destroy everything else whilst still maximizing for that one metric. The concentrating effects of wealth make this even more likely. After all, people will rarely bite the hand that feeds them, guaranteeing docility whilst marching them right into the abyss.
Poverty does not have to exist. Having “only” 750million people living beneath the poverty line globally (and a similar proportion in the U.S., about 11%) is not success!!! It is a mitigation of failure!
[1] - One commenter on this site last week or so in the VC community commented there are “trillions sloshing around.”