DEI (Diversity, Equity, & Inclusion) vs. 
MEI (Merit, Excellence, & Intelligence) 

Differences:
Under DEI 
(Diversity, Equity, and Inclusion):
You are not required to employ a minority simply because they are a minority.
All candidates are considered based on their qualifications, regardless of their background. 
The process seeks to identify and address systemic barriers that might prevent underrepresented groups from 'applying'. 
Under DEI, one should consider inclusion of the five Rs: representation, respectful relationships, real conversations, research, and results.

Under MEI
(Merit, Excellence, & Intelligence)
As with DEI, you are not required to employ a minority. However, unlike DEI, you are also not required to consider or interview said minorities for employment despite equal qualifications.
Under MEI, there are only two Rs to consider: research and results. 

There doesn't appear to be much difference. I am concerned about the perceived deaths.

One more thing: companies will not be able to move from the DEI policy to MEI without losing a great many customers.