From what I've observed, a lot of people 'tolerate' it because they just aren't willing to take the risk to achieve power in the first place.

For example, very few people are willing to leave their cushy jobs and grind it out a few years at a startup that might fail.

It is more often about not having an opportunity to choose, and not about not being unwilling to switch to startups.

I was wondering about a country with a king with a board of directors for a while now

Country? I'd say species.