Monarchies run on the magic of legitimacy moreso than one would assume. We live in post-liberal states where legitimacy arises, in one way or another, via popular will. Or at least consent. That said consent might arise due to consent manufacturing, a popularity contest, foreign threats or whatever else is immaterial. Monarchies arose from different customs, many of which don't really matter to commonfolk any more. So that they continue to exist at all is by converting the magic of ancient legitimism into the modern magic of celebrity worship. But that on its own cannot sustain a political regime. Celebrity worship turns sour in like a year, often.

So monarchists yearn for a parallel reality where said magic is unbroken. They don't live in a world where its a given that someone's family just inherits the divine mandate to rule over a territory. So they have to reconstruct a facsimile of whatever is going in Britain right now. What if the Russian/French/Portuguese/Chinese/Brazilian/German/Whatever monarchy was still alive to this day? They cannot fundamentally ask what changes would have been necessary for such a status to be reached and how, just like Britain, said regimes would have changed over the past 150 years at least. But they feel no need to because they are just esoteric reactionaries who like the bells and whistles of having a Court of unelected Your Graces instead of Oligarchs.

Meanwhile the actual oligarchs with any power to become monarchs are too busy owning the world as it is.