What? Ol' Vlad is just a regular, exceptionally good looking guy who got into power by the overwhelming approval of his people, and has only stayed there because he's just that good at improving the lives of the Russian people, minus foreign agents and Caucasian terrorists of course!
That is, I imagine, the primary reason why you see so few modern tyrants transferring their rule into official monarchies: It fundamentally undermines their own public image as being in power due to popular approval.
In pre-industrial times, people believed in a divine right of kings, which is why I believe that back then, it was politically opportune even for a jumped-up military dictator to assume the mantle of kingship.
Whereas in our modern times, people believe in the inherent legitimacy of popular support, which I would say is a major factor why the same people who would be Emperor Napoleon or the Prince of Orange in earlier times call themselves President and Prime Minister these days, and hold sham elections in an attempt to cater to that modern sensibility.