The problem is that anyone who utters the word celebocrary will look pretentious (and in Britain pretentious = ridiculous) so it's unusable.
Still, it's a useful and interesting idea, isn't it.
Word Not To Use Today: celebnocratic. The word celebrate comes from the Latin celebrāre, which means numerous, crowded, or famous. The -cracy bit comes from the Greek kratos, which means power.