I don't think our society is even remotely meritocratic regarding intelligence. Maybe it is meritocratic regarding psychopathy.

We merely have a few pockets, where the very brightest are rewarded. However going from average intelligence up to those pockets, there is a ton of people, who are clearly more intelligent than most others. Much more intelligent than the typical lie-your-way-through-life people, who haven't shown any significant skill, yet are elected by the masses.

OK, this is making it political, but it's true in many countries, if not most. The truly very intelligent people rather focus on their area of expertise, where not many other humans are able to understand what they are doing or able to achieve a similar result. Similar thing happens in businesses. Talkers rise in the hierarchies, doers who don't self-promote massively remain low in the hierarchies, in most businesses. I don't see many scientists becoming millionaires for advancing humanity. We don't recognize great skills and smart people collectively in many cases. We chase silly trends and make-believe.

I could see "meritocratic regarding intelligence" somewhat in the way that smart kids don't have many problems at school usually, and then later at university, and then can maybe get a well paid job. But that's where the meritocratic system ends. In the job world it's mostly about other things. Like how well people fake being social with their higher-ups. Or how they have less worries about lying about their abilities. Or how they promote first and foremost themselves, rather than everyone, who significantly contributed to some achievement.