I'd argue it doesn't - it simply shifts what people consider merititious. That's a problem - you could argue, and I would, in previous iterations of society the meritocracy found largely rich and educated people as those people were the most likely people to maintain the status quo and to guide society in the right direction. The merits of aestheticism and fame come later on - and they have skewed, and continue to skew what we consider success to be - fame is now the endpoint rather than the byproduct of merit.