Earlier quoted context omitted.
You're listing only the negative aspects, but in truth it's all tradeoffs. What you get is fishing-resistant authentication, that's pretty easy to use. > And adding more devices is not the answer either. Why not? What's your ideal authentication solution? Two things I'd love to see: Something like Mozilla Persona, and maybe SSH key authentication in the browser. No idea how I'd manage and back up my key though. Don't…
As stated, devices fail, or get stolen. When I’m traveling and robbed, I won’t be able to get the backup device is hidden in my drawer at home
These are tradeoffs that people use to balance security. Many people will lose to a sim swap despite not needing access to their life savings while on vacation with absolutely no proof of identity and a fallible memory.