Perhaps the essential aspect of hereditary monarchy that makes its retention morally dubious, is once it has become decorative rather than exercising power is that involves a form of slavery. The person destined to fill the role is marked at birth and held as a kind of national toy figure throughout their life. And incidentally subject to obtuse insults like that from Steve just then.

Very well rewarded slaves, it is true. But chains of gold are still chains.

We live in a system where there are ridiculous and offensive variations in wealth, far more deserving our attention than the hereditary monarchy.