Younger people tend to have nihilistic ideas like this. And it's understandable, because it's true that the reward for being hard working, loyal, or honest is decreasing, so we think why bother trying? But the decrease of those values is just a small amount at a time. It doesn't suddenly change life from are full of joy and meaning to a complete waste of air. You can still improve a lot of things by taking small effort. Not much as it was in many ways, and yes, definitely there are someone who are born lucky or can improve a lot with far less effort than you put in. But it's still possible.
I spent a lot of time thinking like this, but slowly realized I can make my life better just by trying. That time wasn't a waste cause it made me a little bit more sympathetic to others, but some people spend their entire lives in that way. It hurts them, and it's sad they miss the chance to improve a bit. It accumulates over years and decades, and ending in an unhappy and regretful life. We can't be the full potential version of ourselves without huge effort, but can still be much happier by a small, consistent effort over time.