I watched the whole thing. I think he gets a few critical points wrong, for example, the idea that the economy is a zero sum game (9:10), and someone can only have more if everyone else has less. I could make the whole "increasing the size of the pie" argument, but I'm sure you've heard it.

With this premise, the author doesn't even identify the argument that while members of the hierarchy have relative positions, the wealth creation resulting from the hierarchy ensures everyone's absolute position increases. A side effect of this is how a country can have poor people who are wealthier than other countries middle classes.

Destroying that hierarchy without a design to replace that progress mechanism means everyone's absolute position would not continue to move primarily up. If conservativism was just "a hierarchy where everyone stays in their absolute positions, but they may move around relatively sometimes," it would be a lot less appealing. The whole point is that it is the most effective driver of overall progress.