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I'm not monarchist. I think most of the time it ends up as a disaster. However, I'd say the appeal is training someone from birth to be a good leader. Theoretically this could still involve checks and balances.
The other benefit is that they can just get shit done instead of arguing about every little thing and special interest groups roadblocking progress at every turn. Again, this usually backfires spectacularly, but that's the dream, to just go have a vision and fuckin' do the thing.
Plato envisioned extending this to a ruling class/aristocracy that is intentionally not allowed to own property but instead focuses on just doing their job to benefit the city. They don't have to campaign, they can't reject power, so it is to their benefit to do a good job and benefit the city. There is some logic to this since any schmuck can get elected in a democracy, and money hungry oligarchs are diametrically opposed to having qualities desirable in leadership such as patriotism or caring about others in any way.