On the other hand, I’m not really sure I’d place the blame same as you do. In fact, a focus on equity is meant to eliminate the factors that get in the way of meritocratic hierarchies (such as inherited wealth, for instance). I’ll admit, I would rather we pursue justice to eliminate the source of these factors, but the powerful are not interested.
Either way, I’m not sure what the answer is. Democracy in all its forms is imperfect, and even terrible at times. But there aren’t really any good alternatives in the real and imperfect world of imperfect human beings. Philosopher kings are great on paper and on paper only. So that always brings me back to better education, less corruption, democracy, and a culture of respect towards those more virtuous and to experts in their respective fields.