well, yes, exactly. once i realized that, my reaction was: why thank you github, you just made my one factor auth more complicated for little gain. well, ok, i don't store the otp with the password, so cracking the password became a bit more complicated too. but for example committing code doesn't require otp and my browser has me permanently logged in, so where exactly is the added safety now?
as for the lost identity. a new user could at least share a warning. that user doesn't have to be trusted to get others to be more vigilant and scrutinize the code very carefully as eg was done with XZ once the issue was discovered. imagine an unknown user would have alerted the community that the maintainer account was compromised or locked out. they could have reached out to people who know them to verify their identity and to corroborate the claim. it would be a long and tedious process, but at least any attacker would be prevented from getting any further advantage too.
it could still mean loss off the maintainership and loss of users, but i can also host my projects in multiple places so that only part of my known and verifiable identity can get compromised at once.
in the end it's partly security theater, partly arms race, partly an improvement through raised awareness...