Obviously racial effects go under this category as well. It covers anything visible. So a high heritability is compatible with genetics being a cause of competence, and/or prejudice against visible genetic characteristics being important ("Our results indicate that we either live in a meritocracy or a hive of prejudice!").

This can be tested by estimating how much IQ screens off race/gender as a success predictor, assuming that IQ tests are not prejudiced and things like the stereotype threat don't exist or are negligible.

But is it possible that IQ itself is in part a positional good? Consider that success doesn't just depend on competence, but on social skills, ability to present yourself well in an interview, and how managers and peers judge you. If IQ affects or covaries with one or another of those skills, then we would be overemphasising the importance of IQ in competence. Thus attempts to genetically boost IQ could give less impact than expected. The person whose genome was changed would benefit, but at the (partial) expense of everyone else.

National average IQ is strongly correlated with national wealth and development indexes, which I think refutes the hypothesis that IQ mainly affects success as a positional quality, or a proxy of thereof, at least at the level of personal interactions.