Let's look at an observation from George Orwell, who was quite ahead of his time in many ways.
"It is undoubtedly possible to imagine a society in which wealth in the form of personal possessions and conveniences is shared equally by all, and power remains in the hands of a small privileged caste. In practice, however, such a society cannot be stable for long. If everyone enjoys the same comfort and security, the great masses of people, usually dumbed down by poverty, will grow up and learn to think for themselves; and once this has happened, sooner or later they will realize that the privileged minority has no function and will be swept away. In the end, a hierarchical society based on wealth can only be built on poverty and ignorance."
I would make one small addition. The complete, unthinking rejection of hierarchy is not okay. There is one thing that must hierarchize society after all, and that is a public interest consciousness coupled with expertise. We cannot put people in positions who do not understand the issues and who are always working for their own self-interest.
Of course, if everyone is competent in everything, that is another matter (and another dimension), but we will come back to that when it is achieved.
Once we put Orwell's observation and our little observation together, we get Meritocracy.
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