It goes deeper than parents being nostalgic. The veneer of meritocracy is load-bearing to neoliberal ideology, especially post-WWII. If we, as a ~society~, acknowledged that no matter how big kids dream and how much they work they'll probably never make it more than maybe one or two steps up the social ladder, our entire social model would collapse.

At its most fundamental level, that's what the war against "wokism" is. It's the privileged correctly identifying and targeting the existential threat that is the mere acknowledgement that we do not live in a meritocracy.