The name "New Monarchy" implies some kind of sovereignty over some sort of territory. I find it unlikely that a nomadic race of warriors would want to identify themselves with an image of sedentism.
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Well seeing as they were once powerful "nobles" in the universe and then they collapsed, why wouldn't the Fallen form a new monarchy that is actively trying to regain their former glory? Obviously it's just a theory right now, but it fits in some aspects.