Intel FDE, as far as I know, also works this way. The key is protected. In the event that the drive must be re-provisioned (like in the case of a lost password

Intel FDE, as far as I know, also works this way. The key is protected. In the event that the drive must be re-provisioned (like in the case of a lost password), the decryption key is simply overwritten by the new key, rendering the original data unreadable.