While the system does select for psychopathic behaviors, it's not a meritocracy because you don't need to be exceptional at being ruthless, greedy, selfish, egotistical, ignorant, arrogant, immoral, unethical and wicked to become enormously wealthy. There are plenty of deplorable people who never make it big under capitalism. It's mostly just a birth lottery. People who are lucky enough to be born into money, who end up having family connections, and are plugged into the oligarchy are the ones who statistically make it.

And there are actual studies showing that luck is the major factor