And the default way of mitigating it is an even worse security risk. Now all your data is on some cloud somewhere, waiting for that vendor to get breached or your account to get phished which is now possible without physical control over your device. Plus, if you couldn't get into your computer because you lost access to your account, you also lost access to the data in the cloud.
Whereas if you really do have sensitive data, you still don't need a TPM and get better security without one. You keep a Yubikey in your pocket or memorize a strong passphrase and then the key physically isn't stored on your device.