The point of the hereditary peerage was the same as the point of having a non-elected Senate. Now both will have been lost in the name of "democracy" - a system of government that constantly fails to do either what is the desire of the people OR what is truly in their interests. From here on out it'll just be whoever manages to connive their way into power through connections, payola, corruption, island meetups, and so on. I strongly suspect this will lead to a worse government, not a better one.
Why would a hereditary system work any better? Plenty of monarchies based on heredity ran themselves into the ground.
The Senate is, while not the whole story, a significant part of the reason the government constantly fails to do what is either the desire of the people or what's in their interests. I wouldn't lament losing the Senate.
Extraordinary, and disgusting, to see monarchism touted by literate professionals in the 21st century.
The "point" of hereditary peerage is, from the perspective of the nobility, to preserve privileges with only self-interested regard for the welfare of the public—which very obviously resolves into tyrannical despotism at the earliest opportunity!
Utterly unconscionable to carry water for the literally medieval political economy that brought us, eg the calamitous 14th century.
Countless—countless—examples of the hideous cruelties of hereditary nobles abound since the institution's inception. You'd have to be a blind pig to ignore the myriad failure states. My God, man, do you want your children to be slaves??
How about a chamber populated by random lottery? Like jury duty?