I've worked with systems like this in the past. It becomes a huge burden eventually when you have teams like marketing, analytics, etc that need access to the raw data and you eventually have to store all this stuff somewhere else unencrypted.
Last Password was hacked twice this year. How many data breaches are there on a regular basis. The reality is the cost of trouble worth the possibility. As much as everyone wants to say they care about users data, the reality in most companies is very different.