Your fortunes are not inextricably tied to your country any more than mine are. I've lived in four countries; am now a citizen of two. I have no passive incomes or sociolegal status which is tied to an estate or a title in a country that must continue to prosper or that status and wealth will diminish. If I see shit going sour, I'll sell my farm in Ireland for twice what I paid for it, move somewhere else, and still be a commoner.

If you are in a position to be appointed to the House of Lords, it is reasonable to assume that you were not hand-to-mouth before that happened. At worst, you had a good job in one of the classes that gets you access to British Costco. At best, you have an estate and staff.

Some people who actively seek positions of power are terribly unqualified or have other discommending properties, as well. This does not seem too great an impediment to their success.

It provides an additional check. Much like a monarch, a noble's interests are tied to the welfare of the country itself. Without the country, they're just a toff with some money and an overinflated sense of self-importance.

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.