Absolutely. Words change, and it’s not an unhelpful term, but we already had a word for ‘ruled by the best’, aristocracy. Over time it became very apparent that aristocracies did not promote leaders who were objectively ‘best’ or often even ‘adequate’, so it began to mean a small group of privileged people who used their power to keep that privilege for themselves and their peers.

So although meritocracy started as a joke, it could be used sincerely. But unless it’s pretty clear how ‘merit’ is assessed its hard to take it more seriously.