We all know monarchy is tyranny, but in that category there is quite a difference between a cult ruler with a bag of shrunken heads who is getting his orders from God vs. a stable, well managed, system in which the institutions basically function, including to some extent for the poor, and yet in which which the ruling class still basically dominate and exploit everything and everyone in order to enrich themselves and maintain their power.

The latter is a social malady, the former is completely chaotic. I think people are concerned that the US is resembling the latter less and less, and resembling the former more and more.