I totally get that it's not meant that way, but that's what it looks like to people who are not in SV tech.
Off topic but since this has come up this week several times: Meritocracies seem great in theory but rarely work in practice. What exactly are we measuring? How much code you can write in an hour? The quality of the code? What if you spend more time helping other members of your team with new concepts and that limits the amount of code you can write? What about the people in the office who support you and help you get things done faster? Do we include things like pairing skills?
The only time I worked at company who claimed to be a meritocracy I benefited greatly but people whose skills weren't as easily measured were unfairly left behind. We had a PM quit after being denied a raise and his departure set us back quite a bit, clearly we weren't measuring his value accordingly.