I still think people need to be protected, but the world is a lot different from what it was back then. International law needs to be changed, government needs to be more digitally connected with it's citizens, and the idea of governments and nations need to be revised for the modern world.
For the record, I didn't really think of this as a complete replacement for physical governments, but more of an overarching one that would protect your rights and freedoms using an international legal system while also providing services that some established governments might not be able to.
This would probably be more like a global NGO with a membership I guess.
Or it could be like a citizen-based lobbying group. If enough people are a part of it, voting for the rights and laws they want it could make more politicians take notice.