Earlier quoted context omitted.
TPM was met with resistance due to privacy concerns and Microsoft quietly re-introduced it anyway. The same will happen to Recall.
Has TPM been a net positive or negative for users / enterprises / the industry?
1. You don't trust people with physical access to the computer. For the average home user, this means you consider the hardware owner a threat.
2. You want to protect against malware that has already taken complete control over the OS at runtime, and that wants to write itself to disk or the BIOS so that it survives a reboot. At this point, the attacker has already won, so... This might make sense on a stateless appliance like a Chromebook where you do factory wipes a lot.
So TPM mostly "protects" against the hardware owner, or against malware that already has 100% access to all user data, and just wants to stick around a bit longer.
Personally, I'd go with TPM being net negative, because the primary threat model it "protects" against is the actual hardware owner.