The narrative assumes that working hard necessarily creates value and thus merit, but that's not always true. For example, the Oracle Java lawsuit vs. Google, or SCO vs. IBM were immensely expensive, surely involved many of these grads, and yet created very little value to the majority of society. There are plenty of other frivolous lawsuits out there.
This narrative only escapes liberal disapproval if liberals fail to question the value of the legal process. So no better time to deliver this speech than a Yale Law commencement.