TOTP is a compromise, like everything in security, and one that’s fairly secure. Until we reach a point where hardware tokens or virtual passkeys become mainstream (and their related usability issues addressed), we will be stuck with the “something you have” factor needing to temporarily move into the “something you know” factor via the the TOTP. The fact this expires within 30 seconds makes the attack vector more limited, also unlike an SMS code that providers use to verify you while on the phone with them, you never give this code out (found on a separate app) to a person on the phone, which helps separate this particular factor from SMS.

The truth is that, while it offers superior security, hardware tokens and virtual passkeys are not accessible to the masses one way or other. This is a problem that should eventually be solved but nearly all prior attempts cannot supplant the ubiquity of passwords.