Competitive Markets in Royalty

One of the complaints that is often raised against monarchy, even constitutional ones where the monarch isn't all that important, is that it is a position, right at the top of society, which is allocated entirely on the basis of birth. The solution that is typically suggested to rectify this is to bring in a presidential system, but this both (1) politicises the position and (2) lacks the pomp and ceremony that is the main reason we keep the monarchy around in Britain.

There is, however, an alternative to a presidential system which not only preserves the pomp and tourist pounds, but offers a chance to increase it. I am talking, of course, of having far more than just one Royal Family (though we can't have more than one monarch - perhaps the family with the largest number of registered vassals get's the job?).

It would be open to everyone to found their own dynasty, whether they are a two-bit Lord of the Manor in a Victorian terrace (ahem, period townhouse), or a long established family with several castles in which to hold their court. Pageantry would be encouraged, particularly events (jousting? Abundant employment for members of the Society for Creative Anachronism) which can draw in much revenue from selling the livestream rights in other countries - I imagine the United States would be a large market for such entertainment. Perhaps we could later establish some new Royal Families in the New World if it takes off; there is no need for government sponsorship, after all.