There is an informal understanding that the government gives a certain number of life peerages to the opposition and minor parties, subject to the government being able to veto individual appointments they find objectionable. So it literally isn’t true that everyone gets one by being friends with the PM-although it certainly helps
Some parties reject their entitlement-the only reason why there are no SNP life peers, is the SNP has a longstanding policy to refuse to appoint any. There are currently 76 LibDem peers, 6 DUP, 3 UUP, 2 Green and 2 Plaid Cymru. SNP would very quickly get some too if they ever changed their mind about refusing the offer. The Northern Ireland nationalist parties (Sinn Fein and SDLP) likewise have a policy against nominating life peers.
Absent ideological capture, it is perhaps one of the best forms of government ever created due to its pragmatic nature and its Lindyness is proof.
The nobility is another example of a minority with disproportionate power. It's important that they are reduced to ensure civil liberties.
Countries like the Netherlands, Denmark etc all have safeguards the dilute the power of 50% + 1, and yet they are clearly not republics, being monarchies.
Political scientists tend to talk more of 'liberal democracy' (whether republican or monarchical) v 'electoral autocracy' etc. This depends on the classical use of the term 'liberal' of course, which is another word that Americans tend to use differently from everyone else.
> The nobility is another example of a minority with disproportionate power. It's important that they are reduced to ensure civil liberties.
Alexis de Tocqueville would disagree - he believed that intermediate institutions (churches, professions, elites, etc) blunt the power of the state before it reaches average people. A society without intermediate institutions is one where you have an all-powerful state on the one hand, and a largely un-coordinated mass of average people on the other. He thought this was the highway to democratic despotism. (Worth noticing that totalitarian governments focus a lot of their energy on destroying alternative centres of power such as these.)