Common meaning:

A system where people are chosen for positions based on their demonstrated abilities and merit.

Hidden meaning of the Equity religion: 

An ideology promoted by the dominant group to justify what they have stolen from members of the oppressed group.

Discussion:

The Equityists say meritocracy is an idea put forward by dominant groups in order to justify what they have done to people in minoritized groups. They have stolen what rightfully belonged to the oppressed and pretend that today everyone has an equal shot at success.

Believers of Equity don’t just suspect that dominant groups have stolen from members of oppressed groups, they know they have. The action is assumed, and the question then becomes how. One of the answers is that meritocracy is an illusion, and in reality it is only a tool to allow the dominant group to keep what they have stolen.

Back in the real world, meritocracy is the system that aims, however imperfectly, to treat everyone fairly. It is one of the things that helps keep our complicated societies in working order. The minute you start treating one group, for whatever reason, differently than members of other groups, you are asking for trouble.

Trying to fix past injustices by demolishing meritocracy is insane.