Titles at this point are more or less a product of a by-gone era on the Boards. They used to be awarded for special events such as the TTV Civil War April Fools event, and only masters would be able to edit/change their title.
For a time during the reign of Jahi, they were a perk for Patreon members that if you gave $10(?) or more, you could have a custom title awarded, but because it was a manual thing, it got backed up and a mass of people only were able to get it because the admins were working on adding in the "Cashmoniqua" award on the boards and were accessing Patreon accounts anyway.
That award has since been removed from the Patreon perks and at this point, only Mods or Admin have the ability to award titles (to my knowledge).