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The real question is...when he sits upon it, does he do so feeling that he has gained some control over the world or does he do it to feel that he still holds the reigns of Cobra? Imo, it must be a mix of both. With the many times that members of Cobra tried to take over, there has to be some psychological element that is causing him to sit there to reinforce his position among his troops.
I think part of the dynamic of Cobra is that he's surrounded himself with people he knows aren't that loyal as his main generals and put them on equal foting. That way, everybody is jockeying to be seen as the second in command that thye don't have time to set their sites on taking over. Plus is the generals are betraying each other, Cobra Commander knows that any mess ups they do are going to be brought directly to his attention.