That's totally true: supposing there even is some objective value of merit, any given proxy metric for it will be subject to gaming. My point would be that the

That's totally true: supposing there even is some objective value of merit, any given proxy metric for it will be subject to gaming. My point would be that there will inevitably be proxy metrics for entry into the elite, and they will tend to be flawed in a way that advantages current spawn of the elite. Once a sufficient mass of people possessing "true" merit knows to chase after those proxies, they will change again to maintain the current composition of the upper class.