It was designed mostly for mechanisms where in the event of certain changes (BIOS upgrades, certain other firmware changes, some OS changes) there is a fallback mechanism to unlock the system and reset the key. This is why Windows BitLocker is so insistent about you saving your key somewhere else - if you do a BIOS update and it can’t decrypt, it’ll require your copy of the key and then reset the TPM-encrypted copy with the new BIOS accounted for.

A TPM’s primary function works by hashing things during the boot process, and then telling the TPM to only allow a certain operation if hashes X & Z don’t change. Depending on how the OS/software uses it, a whole host of things that go into that hash can change: BIOS updates being a common one. A hostile BIOS update can compromise the boot process, so some systems will not permit automatic decryption of the boot drive (or similar things) until the user can confirm that they have the key.