This. Technology tends to increase the value of capital and not the value of labor, at least that has been the pattern for the last 50+ years. Take that trend to its conclusion and merit is crushed under the weight of who your parents are.
Real wages are effectively unchanged since 1970 [0]. So, either technology hasn't advanced enough to make people more productive, or technology hasn't increased the value of labor. One of the two has to be true.
Note on the above, be weary of data that starts ~1980 since that was a deeply recessionary period. Lots of information likes to use that period as the origin since it makes it look like real wages have increased. During 1970 to 1980 there was a steep decline in real wages.