You can still live in 2022 without one, although the assumption that you have one gets more annoyingly entrenched year-by-year.
I don't quite know what these single points of failure are, but they must tend not to exist when you have a "hard no--I have no such device" in your back pocket...you can choose services that don't require it, use hardware token 2FA, or something. Somehow, it does still work out to simply not have one, but it seems hard to avoid reliance on it once you've got it, since you don't see a service and think "well, I guess I just can't sign up for that one", but instead whip out the cell phone and comply.