You have to separate the word from the underlying concept(s). They're not the same thing. If they were the same thing, I could conjure of invisible pink unicorns with an utterance and make all the world utopia by having everyone recite "I am a good person and I won't do anything bad". Words can fail and everyone acknowledges that at least tacitly. Hypocrisy is the purest form of words failing. Let's put it that way: Even if you call yourself a meritocracy you can still be a hypocrite. On the other hand being a meritocracy without calling yourself one is no problem. If you call your organization of 300 people a meritocracy, there will be 300 notions of merit. What benefit is there to calling yourself one if the word itself has no concrete, actionable content and doesn't unify people's vision?

This sort of trickery is easier to see when you are part of the management of an organization. The bulk of my relevant personal experience is as a software consultant where I have been embedded in many organizations, all of which considered themselves "good thing"ocracies, but usually fell far short of the mark. We are all hypocrites like that. Words are tricky devils. If you don't treat them with a healthy suspicion you can get in trouble. You have to make them servants of your goal, not arbiters of what your goal is.