Anyone with sense knows what will happen. Parents will pay exorbitant amounts for their children to receive accolades, and use up the inheritance before they die. The accolades will serve as signals to other rich as to whom to hire, put in charge, shower with large salaries funded by the sale of said accolades, etc.
Your argument falls into the typical "We might as well do nothing because the rich will just game the X" category, which is not only defeatist, but lacks nuance. When you tighten rules, there will be more effort to circumvent them, but that does not mean it would be nearly as ineffective as maintaining the status quo.
