doctor who - Why do some Time Lords choose to have a title, and why does everyone else go along with the title they choose?

In one of the episodes of the Master Saga, The Master is talking with The Doctor and says "You chose your name, the one who helps everyone", when they are making their "greetings". (I'm looking for the exact words, but I don't remember the exact episode, so is taking a while to find them.)

As Frank's Lazar answer pointed out "the Doctor's name is the Answer That Must Never Be Spoken" — but

he said it to River Song. Ok, she is his wife. But he will/already have spoken it once.

So, titles can be assumed to have some connotation of power. After all, the Time Lords who had titles appear to have some extra power or intelligence than the rest of the Time Lords.

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My question is: why are those specific Time Lords able to chose "titles" for themselves, and have everyone follow their choice by using that title when referring to them?

I read the question "Why Do Some Timelords Use Names (And Why Does The Doctor Keep His Secret)?" and couldn't find the answer for this.

I know that it's very similar to that question, but if you look at the answers, they explain why certain Time Lords chose their particular title, but not why they chose to have a title in the first place, and why everyone calls them by those titles.