Other programs like universal income could also be egalitarian and lift all boats, and might be fantastic or a horror show, depending on your stance on motivation and it’s relation to money.
A universal income for geniuses would not be egalitarian but could provide outsized benefits for its cost to society. If the government (us, collectively) own the results and IP, it might pay for itself / run a profit. If it expanded human knowledge faster than without it, it could provide a sort of compounding effect to how fast our societies advance.
I don’t know that these things would happen but they could, which seems worth exploring rather than discarding immediately due to historically-rooted moral systems.