They are solving a very real problem. WebAuthn uses private keys, but those private keys are tied to the device where they were created. This is a blessing and a curse.
It's a blessing because it eliminates a whole trove of phishing attacks. After all, if no one can get the private key, they can't steal or share it. Well, of course they could steal the actual device, but that's orders of magnitude harder than stealing online credentials (points to https://haveibeenpwned.com/ ). That's a good thing.
It's a curse because the same person logging in from their ipad, android phone, and desktop PC needs to set up WebAuthn three times. For each domain/website (broadly speaking). If they only set it up once and lose the device, well, they are either locked out or need to have another means of account recovery (username/password, calling a customer service rep).
This curse is what passkeys managed by Apple/Google are attempting to solve.
I believe the WebAuthn 3 draft is going to try to address some of this: https://www.w3.org/TR/webauthn-3/ but that's based on what a co-worker said. A quick scan didn't turn up anything.
If you want to know more about WebAuthn, I wrote a lot more here (my company is going to release an implementation Real Soon Now): https://fusionauth.io/learn/expert-advice/authentication/web...