It is really the question of what is already in existence. If somebody proposed such a thing today, that somebody should be appointed because of his birth, such a suggestion would be laughed out of court. Even in Britain they hardly give out hereditary peerage any more. The last one was handed out by Mrs. Thatcher. She gave only one, and the person did not have any sons to pass it on to anyway.
However, now that it is already here, one has to ask, is there a good reason to change it? I don’t see any. Same as Britain does not give out hereditary peerage any more, but it has not abolished the ones it already has.