MM spends the early parts of the series dressed in black panther/Malcolm x/black power fist labelled clothing and making both allusions to systemic oppression in conversation (Including outright calling Mallory out on the crack epidemic), and having his backstory be one rooted in capitalist exploitation and systemic discrimination is the thing. They just don't do anything with it beyond have him not like Stan Edgar.

Also in the literal last episode they call billionaires the "ruling class" explicitly in that White House scene where Homelander meets fake TV show Elon Musk, but uh I guess they can just keep being the ruling class as long as Homelander is dead.