This has always been my objection to them, as a user, as they have been presented. As an employee, I don't care. Businesses have sufficient relationships and mechanisms to self-serve any issues that come up, like lost keys. But as a user, I do not. It is a drop-dead requirement for me for any authentication material that I have some way of backing it up and modifying it in case of compromise.
Besides, give the Silicon Valley venture capitalists and Harvard MBA bros a whiff of the possibility of full control over something as important as your primary authentication material and before you can whisper Richard Stallman they're out having a happy Bacchanalia toasting the name of Portunus [1], whom I will now resurrect out of our ancient past to name him the God of Platform Lockin, and us users aren't going to get a word in edgewise over the debauchery and slides projecting Total Addressable Markets.
Fortunately it seems they all got a little too drunk with power this time, but honestly it's only a matter of time before they arrange another Portunus summoning lock-in party again. This target is irresistible and the annoyance people have with passwords is too good an angle to pass up.
[1]: https://en.wikipedia.org/wiki/Portunus_(mythology) And yes, I am aware of the stream-crossing between Bacchus and another god here. But who knows what a Portunalia even is any more?
