As if BTC were absolutely free to use and maintain? Sure, its "just a private key", except no one I know can use GPG or PGP on their emails, so its a bit harder than that ya think?
The typical non-techie out there relies upon a techie to handle the details of private key, transactions and so forth. A BTC transaction will be handled by coinbase (or some other crypto-exchange + transaction processor) rather than by the users directly.
"Etc. etc." being how much? There aren't that many crypto exchanges. They don't have personnel in any way comparable in size to that of traditional finances. Also they're not part of bitcoin. It can operate without them. Centralized exchanges are actually part of traditional finance.
Two last paragraphs in your comment are completely out of context, but how is owning a private key for a wallet any different than owning and managing a password for your account on an exchange?