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This belief seems to me very convenient for the brilliant, implying that they got where they are by hard work and properly deserve everything they have. Of course brilliant people also have to put in hard work, but their return on investment is much higher than many other contenders who may have put in even more work for lower total returns. Just-world hypothesis; life is not this fair. And while I do go about preaching the virtue of Hufflepuff, I also go about saying that people should try to Huffle where they have comparative advantage.
In practical terms, though, experience does frequently trump brilliance. This does not mean this is a good thing to have happened, only that it does. Experience makes one more likely to be good at competition.