Like many, I used to store the otp seeds in offline secure "bugout" storage, but I came to see that this pushes totp even further away from "something you have"

Like many, I used to store the otp seeds in offline secure "bugout" storage, but I came to see that this pushes totp even further away from "something you have" than it already is. So I just store the emergency recovery codes in the bugout storage now, and treat a token wipe as a rare enough event that I can tolerate it. At least you'll be notified if someone compromises your recovery codes. You're right to be reluctant to keep them in a password manager for sure