Well, but you're going to have an "ocracy" no matter what you do. So what kind of "ocracy" do you want?
Incompetentocracy?
Randomocracy?
Celebritocracy?
Nepotocracy?
We're not going back to aristocracy (which essentially was nepotocracy). So what do you have that's better than meritocracy? What's wrong with letting the more talented be the ones who run things?