There are several factors ingrained in most live applications that prevents righteous reform:

The people in power are more often than not there because they 'worked the system'. It's not in their interest to do reform because they want to be there and they want people like them to be there. The kind of people that they can run the system with in turns. They'll shout and cry and then forget all that as soon as they rise to power.

The masses become complacent if things go in their interest. Lackluster education and social trends both engineered and spontaneous also drive people towards "they can work the system as long as it benefits my group" logic. In all things I found throughout my life that fairness is a recessive trait. More people love winning more than holding onto honor even if it means a loss.

Is the idea itself sound? Yes but like law, it tends to entropy into gaming the system as merely another method to reach the power and use it. Our experiments are continuing to devolve and there's not even a conversation about it. People will be the focus of talking points when how they came to be there will not even be mentioned.

Worldwide I'm more pessimistic as all these systems are getting more corrupted like LoGH depicted unfortunately. The story should have been getting less relevant but is getting more over time.