alt Hacker NewsThis. I think so much of the fascism and corruption afoot in the world comes from people who believe they deserve things they are incompetent to get. Their sense of entitlement is in conflict with their competence and unrestrained by concern for others. To soothe their ego wound they project their faults onto the person who has what they want. "It isn't my failure; it's your trickery!" Now instead of shame and impotence they feel righteous anger.
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I don't know that it's necessarily incompetence. The idea of "overproduction of elites" pops up frequently:
https://www.niskanencenter.org/are-we-overproducing-elites-a...
You may be supremely competent but unlucky enough to be born at the wrong time, to the wrong family, competing with the wrong people, to rise to the level that you feel you deserve.
I think you are correct. I've spent extended time in uber wealth circles, and this describes the offspring mindset of the generations after wealth acquisition. Their incompetence matches their entitlement, and then they walk into nepotism.