I haven't watched it yet but that's good to hear! I had to laugh when The Orville had to explain how their society works and they said "None of this was possible until we moved beyond the need to buy and sell things."
Yes it's called a post-scarcity economy. I haven't finished season 3 but I hear at the end of season 3 they have a much better explanation about how Earth progressed into their federation like organization. I think they do stop short of calling it socialism though.