There is nothing wrong with meritocracy. A results-based system will always create the best results. Effort by itself is meaningless. Putting in the most effort doesn't entitle you to the most rewards. Likewise, having the best ideas doesn't entitle you to having the best rewards. Performing in such a way that will gain the maximum rewards possible will result in the best rewards. As an example, you have a higher rep than I do. This is not unfair. Regardless of how much effort we put in and regardless of how good our ideas are, you have performed in such a way that has resulted in a higher rep.

It is not unfair that there is inequality. A forced equality is far more unfair. There is no false hope in a meritocracy because it's entirely possible that even the weak could become the strong. Not that they do, but they could.

Those that take issues with meritocracy often believe in cosmic justice. The search for cosmic justice is a task with no end and will destroy societies if attempted on a large scale.