It's spread out nature could be useful as a way of protecting against Piracy, and also means that they can protect... commonwealth values? Plus, come on. It's fun. Everyone loves the British Empire!
But if you save it it isn't the British Empire we all know and "love" Its a massive polyglot trading bloc with an army and navy. Hugely powerful but has a great deal of trouble being able to bring that power to bear due to competing interests within it and the very diffuse nature of it.
The British Empire still exists. It's just called the Commonwealth now. Maybe a more narrow definition would just include the Commonwealth "realms", but the Empire isn't really gone. As long as countries issue coins with the Monarch's face on them, it exists....