The paragraph in the section, "What are passkeys?" tells me that they: are new, are easier, let me use biometrics, and are resistant to attacks. But, it doesn't tell me what passkeys actually are. Compare passkeys to traditional authentication factors. What's a password? A secret word or phrase that only you know. What are biometrics? Parts of your body that can help uniquely identify you, like your fingerprint or re…
It’s a password that Google controls so when they incorrectly ban you from their services you lose access to literally everything. Or if you drop your phone in a lake you’re out of luck too.
The protocol is private key stored on your hardware; public on the service you're authing to. Google doesn't have a way to MITM that, but if you lose the machine storing the private key, best have another way to auth.
(Note: some implementations, including Chrome on Android, do allow sync and sharing of the key, but IIUC even if Google bars you access to your account, the phone will still have the private key and can still do the login).