IIRC OpenID worked like that but unfortunately it never gained traction. It's a shame really.
More practically I do use a yubikey myself but mostly as a GnuPG smartcard, not for 2FA. I actually have the same key stored on multiple tokens as a backup, so if my current key breaks I just have to fetch an other one. Of course if instead I lose it or it's stolen I'll probably have to generate new keys (even though the PIN should theoretically still protect me) so the problem still exists.
Indeed, I was recently locked out of some of my accounts: I used some "one-shot backup codes", but some sites didn't deliver them (and so, required involvment of admin/support by mail+phone).
That’s how those central teams manage to revoke keys easily.
In practice, well, meh...
I'm very surprised when people voice this concern. These keys cost a mere $20 or so. There's no limit to how many website you can set them up with. So $40 or even $60 is all you need to invest in.
This makes having one in a safe location somewhere kind of tricky, as it has to be accessible when you're signing up. so for example if you're travelling/working from another site, you won't have your "safe" key to hand.
Also you need to remember to do the enroll twice for every service, forget one, and you're back to trying to see if there's a fallback procedure.
It's not so much a problem in a corporate setup (like internally at Google) where you could go to a central admin team to revoke/replace the key.
But if you're a home user using this for a wide variety of sites and the token fails then the failure mode seems to be "go figure out the fallback for every site you use and use that", which could be really painful.
I prefer the, possibly less secure but more flexible option of TOTP applications that let me synch to multiple devices, so the loss of one device isn't very painful.