> these nobles have lost their inherent power

The nobles were the land owners, the business owners, the OG entrepreneurs, they were educated, and their children would grow up to be the same.

Historically the system made sense. But the last 150 years or so have basically taken their power away.

A couple of years ago an estate - that included a 9 bedroom country house, plus an entire village with a population of 100 people, and a church - was sold by noblety near where I grew up. The price was in the low tens of millions, not that much.

Because 150 years ago the labour to keep the estate running was very cheap. Now that labour is expensive, it costs more in maintenance than the property is worth, unless it's highly productive land. Reminds me of the joke, how to make a thousand dollars: buy a million dollar boat.