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I think you mean Baron Lebedev, of Hampton in the London Borough of Richmond upon Thames and of Siberia in the Russian Federation.

Monarchy is ridiculous, lol. Lets keep giving these people validation like this.

Taking money for symbolic titles seems good (for Britain). Gets money out of their hands into British hands.

Actually handing out power is more questionable, but I'm not sure whether Britain is worse or better than other countries in this regard.

Eg in Germany or the US you can also get some influence for money, you just won't get a fancy noble title with it.

The upper chamber of British parliament is made up of lords.

Yes. And a lordship gives you both a fancy title and some (minor) say in politics.

I wanted to disentangle the two aspects.