In her case, baroness is the title she got when appointed to that house. She isn't a hereditary baroness, which still exist.
The real problem with the House of Lords is that it's packed with political appointees - like Meyer - and quite a few were appointed after losing their elected position in disgrace.
A majority of people want away with it, just not the people in power. A law getting rid of the house of lords would have to go through, you guessed it, the house of lords.
eh, every time there's a referendum it gets plurality of support. A bunch of people like the pomp and circumstance. And although I disagre I can understand.
Here, we've yet to get around to abolishing hereditary peerages in the House of Lords.
Current government intends to get that done.
Until then, though there have been lifetime appointees to the HoL for a while, and the hereditary system somewhat eased in other respects, it means if the right seeds are believed to have got into your mother's womb prior to your conception, you don't merely inherit whatever land and titles your ancestors arrayed about themselves, you bag a seat in the upper house of a bicameral legislature until you pop your clogs, whereupon your heir slides in.
Unlikely to be similar for the hereditary Monarch as Head of State, nor as Head of the Established Church, though there may be some movement on the Spiritual Lords (about 2/3rds of the Anglican bishops & archbishops also get a seat in the House of Lords).