Regardless of intent, it seems very much in the spirit of trying to solve a complex problem by adding more complexity, a common theme I see in "tech".
There is nothing inherently wrong with the idea of "multi-factor authentication" (as I recall some customer-facing organisations were using physical tokens long before "Web 2.0") however in practice this concept is being (ab)used by web-based "tech" companies whose businesses rely on mining personal data. The fortuitous result for them being intake of more data/information relating to the lives of users, the obvious examples being email addresses and mobile phone numbers.
1. This is not an issue I came up with in a vacuum. It is shared by others. I once heard an "expert" interviewed on the subject of privacy describe exactly this issue.