The evidence cited for meritocracy being an inappropriate word, a study on GitHub pull requests, has been widely debunked.
Meritocracy is only an inappropriate word if you believe that certain groups of people will never be able to participate on a level playing field.
That notion is of course incredibly condescending towards members of those groups.
The goal should be to advance everyone in the meritocracy through outreach and training, not to abandon the value of meritocracy.
The proposal itself makes it clear the change is merely for cosmetic purposes, to make certain people feel better, not actually increase diversity.
If you care about diversity you should oppose the notion that certain groups of people are incapable of participating on their own terms.
This is about empowering a small but loud group of political activists who want to remake a software project to fit their fringe world view.
Do you care more about affirming their politics or the quality of software?