“No Bishop. No King.” / “It is not clear what you mean by this.”
“If bishops were put out of power, “I know what would become of my supremacy,” James objected. “No bishop, no King. When I mean to live under a presbytery I will go to Scotland again.” Willson, p. 198, p. 207.” - https://en.wikipedia.org/wiki/James_VI_and_I_and_religious_issues
King James had lived in Scotland where bishops ruling the church had been rejected. He foresaw - correctly - that if a congregation could choose who led it, the a nation might think about choosing its ruler: “No Bishop. No King.”
So he instructed the translators to use words supporting a top-down chain of command in the church:
“Another rule sought to control the ecclesiastical language of the new version: ‘The old ecclesiastical words [are] to be kept, viz. the word “church” not to be translated “congregation” etc.’ The implementation of this rule was to be a persistent source of Puritan objections to the KJV, as Puritans, appropriating Tyndale’s argument, preferred ‘congregation’ to ‘church’, ‘wash’ to ‘baptise’, ‘elder’ or ‘senior’ to ‘bishop’and ‘minister’ to ‘priest’.”
It is a case where the KJV deliberately translated things improperly to fit the politics of the day.
It is rather doubtful to say that the Greek was thus translated improperly. Those words fit the Greek quite well. Your argument is with interpretation, not translation. And that is why the Word must be subjected to exegesis, not the eisegesis that you accuse the translators of, that when the text is treated to bring out the exact sense of it, the exposition of it will bring unity, not strife, among Spirit-filled brethren. A bishop is indeed an overseer, and usually one who has exercised discernment long and well enough to be an authority in the instruction of fellow bondslaves of Christ.
As far as kings are concerned, in the culture of the Redeemer there is only one King and one Kingdom. A local church is not a democracy, it is an example of a representative republic, where the leaders' tasks are to be prophets carrying God's marching orders to the still-developing seekers of holiness, while at the same time engaging in intercessory activity presenting fellow-believers' needs to The Father and His Son, in both cases as a servant of both God and the assembly of believers, all under The Spirit's guidance..