This is a big problem for me as a traveller. If I travel long distance and I lose my phone, I lose access to both my personal and business bank. I once dropped my phone in a lake (I'm clumsy) and was locked out of most things for a few weeks. I prefer TOTP for most things. Keepass supports them across platforms, but Aegis has a better experience on mobiles.
Before smartphone, if you lose your passport everything goes wrong as well. (and noticing your phone is missing and finding it back is way easier than passport)
And I’m not mentioning the US because its unique in this attribute.