Peach is clearly a figurehead with no actual political power. Her retinue of mushroom retainers holds the reins of the Mushroom Kingdom, which is lucky for all involved, given her typically vacuous, aristocratic cake-centric problem-solving strategy.Link: http://www.1up.com/features/top-10-videogame-politicians
Not the most flattering, is it? An obvious counterargument is "it depends on the game." Peach still had active roles in SMB 2, RPG: Beyond the Stars and the semi-new-at-the-time Super Princess Peach. (I had to research the latter's release date, as I forgot it was 2006.) I believe the OP was alluding to Mario 64 and its ending, which actually did involve cake. Even so, the figurehead argument might have worked at one time, though, the times are and have been a-changing. (Otherwise, there would be no SPP.)
While it is nice to be wanted, your mileage will surely vary on this list. Anything else, including any political lulz, I'll leave it up to you all.
Don't worry, for I have some positive Peach-based commentary and listings I'll share over the next few days, weeks, etc. Furthermore, I'll try to find a fitting palate cleanser entry during the weekend. As always, you make the call.
Update: When I first read the text, it was my impression the content was from Electronic Gaming Monthly. However, I decided to do a belated double check, and I don't see it elsewhere in a quick search engine run. Until there is evidence to the contrary, I'll just now assume the original source was 1UP.com, and the entry has been amended accordingly. No worries, as that sometimes happens. Apologies.