While your personal anecdote may vary, my personal anecdote does seem to indicate that tech is a pretty meritocracy directed industry. Maybe this is a Silicon Valley / CA trait given thing like non-compete clauses being non-enforceable.

Tech is often more of a meritocracy than other fields/industries.

It is quite possible for a talented engineer to rise quickly out of university but nearly impossible for a talented surgeon or industrial engineer without a decade+ of effort.

Personally, I would be more amenable to a statement like "tech is not an absolute meritocracy". Many industries are however, roughly meritocratic. While talent may not be perfectly recognized or rewarded, it often eventually is - simply because it makes good business sense. When you have easy to recognize signals of merit and value, like in the tech industry where work can be more objectively evaluated, it makes it easier to implement a meritocratic culture.