I am trying to understand the limitations and weaknesses of a system of complex human social hierarchical display based on reputation and accolades instead of the accumulation of wealth. Academia is one such example of a hierarchy based on reputation.

What are the weaknesses of such a system, such as failures to account for human adaptation and growth? Where are factors that are not in line with meritorious achievement and the scientific process? What changes could be made to improve the social system of a reputation based hierarchy?

This post is heavily abstract and conceptually framed in layperson terms. Feel free to rephrase and infer meaning. I am thinking about a distant science fiction future when accrued wealth is no longer an adequate form of human hierarchical display, and the benefits, frustrations, and failures of such a system.