I like how tangible passwords are. Even with a password manager I can write them on a piece of paper, store then in a vault and enter them into a new computer. My grandmother understands this process.
The key-based systems are basically magic. Magic that works great as long as you are inside the defined parameters on supported devices. I think it will be years after the "first baked release" before we see relatively user friendly manual backup and restore. Something this is second nature in most password managers.