Meritorcacy is the worst form of allocating resources except for all those other forms, I'd say. How else would you suggest doing it? A meritocracy at least gives people a way to strive to do better. A system in which one cannot raise his chances of success by improving himself is likely even worse than what we have.
One place to look is other countries, e.g. Germany. They have alternatives to the college/university track that enable people who don't fit that mold to still prosper.
The way the U.S. is structured it's as if the only route to success is becoming a professional basketball player in the NBA. Oh, you don't happen to be extra-tall or able to shoot a basket? You must not be working hard enough.
Interesting thoughts. How do they achieve this? And do you believe it will hold up to increasing automation?
There are definitely good non-college jobs in America, though fewer than there were fifty years ago. Many are trades - welder, carpenter, plumber. Are things similar in Germany?
This article does a pretty good job of describing the system in Germany[0]. They have an apprentice system that offers an alternative to the usual college/university track.
