The value of play is that it teaches a couple of very important things. The first is that things fit together in different ways. When children are playing they are usually engaging in highly creative activity (provided it isn't sitting in front of the video game console). This activity is important to a whole range of things, and it includes things as diverse as self-motivation and invention.
For a culture to discourage play is to focus not so much on meritocracy so much as it is in quashing individualism both regarding internal motivation and innovation.
I say this even though I sincerely believe that innovation depends on details and that masters of a craft are the best able to innovate within it. But unless you have a sense of empowerment and motivation to do this, this is significantly slowed down.
Again, this is just tackling the point on play. I don't think it is about meritocracy. I think it is about the relationship between individual production and community.