It might be, chili, IF there were an attractive and reasonable alternative. But what would that be?
Depends on who you ask, but if you ask me (and you did), absolutely anything else.
How about the Danish model (scaled back monarchy), or a republic (french, irish, american) or the Canadian model (the GG is the de facto head of state). The Canadian model is in some sense a cheap version of what the UK has: a relatively powerless head of state, who entertains and makes state visits at a fraction of the cost.