site-specific content (or formulaic derivations based on other columns likely to be in the same DB dump) suffer from internal (or former internal) bad actor problems as well. Disgruntled (or just loose-lipped) ex-employees can leak the formula or constant and you have a false sense of security.

(I'm not arguing it's "too horrible", but I am saying that it's worse than other schemes that aren't significantly more burdensome.)