They're there because someone a long time ago was wealthy and probably had ties to one or more monarchs.

This is not a basis for holding power in any country that calls itself democratic. This idea that they are somehow above everyday concerns and that's a good thing is some sort of weird retcon, and if we're going to use unmitigated cynicism to impugn the validity of action of other office holders who are elected, or who have got to the lords through prominence in public life, then allow me the same here: they're just there to pursue the interests of the landed gentry and hold back progress on issues like fox-hunting. And they have done exactly this in the past. The fact they're not trying to win an election means they are entirely free to pursue selfish aims.

There's no virtue in maintaining the privileges of these alleged 'nobles' to interfere in the running of the state.

What they’re going to get is 92 fewer (to use the modern parlance) nepo-babies having access to the levers of power. It’s something to celebrate.