People have the mental model that their secret is stored in their gray matter/post-it note/password manager, and now you're telling them it's in their phone, and somewhat related to the phone's security model, or maybe a "yubikey", or behind biometrics, or maybe not, it depends, and Big Co. has copy, of something, and it's synced, and one possibly "migrates" between Big Co. and Big Co. might deliberately/accidentally disable all your websites, or losing your device/yubikey/piece of paper means you're screwed, possibly...