There is a probematic split, probably due to capitalism favoring stem education, between what we consider intelligent and wisdom. The latter is cultivated from engaging with “idle” topics such as philosophy, art, history and cultures, all that stuff that doesnt make any money and takes time spent not working.

So naturally these arent things the oligarchy engages with in any way that is conducive to the development of actual ethical beliefs, morals, or feelings of social responsibility. This is reinforced by the fact that those ethics would conflict with their entire existence and role in society, and self interest wins out.