A bit like saying "Democracy is the worst form of government, except all the others."
Meritocracy is doubtless a fallacy, as anyone who has attended any kind of elite institution understands. That Xi or Putin or Trump or Clinton's children should get in despite their lack of ability is an affront to the notion of meritocracy itself.
We should therefore not ascribe moral value to meritocracy - it is an illusion. However, it is a worthwhile ideal to attempt to live up to. We attempt to rise to the level of our expectations - failing every time.
Confucianism is preferable to the robber's logic because we can see what happens when the robbers rule. The world is even more arbitrary, capricious and unfair.