Sports aren't a meritocracy. They (generally) aren't equally funded, and often compete on money. They outsizingly reward hits over simple strong performance.
But funding comes from performance -- it's a feedback loop. The teams that perform the best get greater funding. That is a meritocracy.
In any case, my point would still stand. The Toyota F1 team was understood to be one of the top-funded teams, but was unable to compete at a level commensurate with their budget.
