There is no accomplishment in being born into noble family.
My opinion too, though 50,000 hectare estates impress many people
There's also still the House of Lords with 84 hereditary aristocrats sitting and the others being people awarded a title due to (usually) very distinguished service. Like an unelected Senate, and here in Poland, Senators impress. They're expected to be trustworthy people.
One reason to regulate titles if the exist at all.