> Of course the data would still be hackable if a bad actor were to get their hands on both of those keys, but security could be increased by, for example, increasing the number of parties needed to authorize the access.

Not "if", "when". It will happen, and as soon as it does, everyone's privacy (for previously encrypted content) is gone forever. It is impossible for me (and I think a lot of other people) to imagine the government can keep those keys secret for a reasonable period of time, nonetheless forever.