Security seems roughly equivalent, there is always a fallback method of authentication in case the user changes their device or forgets their password. Even bio

Security seems roughly equivalent, there is always a fallback method of authentication in case the user changes their device or forgets their password. Even biometrics on an iPhone can fall back to a 4 digit pin code. I agree there are advantages to using public key crypto but the reality is that it's more difficult to get right (and therefore not implemented) compared to a simple hashing function for a password.