There's nothing magical about private keys that prevents them from being lost or stolen.
The average person doesn't want to manage private key files. The average person wants to be able to recover their account if they forget or lose their password. Moving to private keys isn't a realistic solution for logins for the average person.
The average user isn't even aware of the potential option of the key file.
I think the popularity of password managers shows that users preferences are opposite to what you say. The user wants the machine to store the secrets rather than memorize and type them.
Recovery mechanisms is a separate issue from whether you use passwords or key files.
That’s why i mentioned Social Account Recovery. There are solutions to improve general UX of key management.
i think the concept of followers shows that your premise isn't exactly true and people with more followers than just family, friends, and friends of friends is also another clue.
It's not about what's "better" but about what users are willing to tolerate. The average user has a very high tolerance for login bullshit, repeated captchas, etc. -- if the site has a monopoly on the social network you need to access.
Private keys, as appealing as they are in theory, don't really work from a user perspective. The closest thing that seems to be popular is 2FA keys like YubiKeys.
what are you looking for from me? i’ll try to perform better for you next time lol.
1. networks where global reach to total strangers is not even possible, or at least is not the default. the vast majority of people only really want to reach their “friends of friends” anyway. this eliminates a lot of would-be hackers from even knowing you exist.
2. accounts that are unhackable because users log in with private keys instead of user/pass that sit on a server. of course losing your private key is a problem, but i would suggest a system of social-account recovery anyway where you can regain access by 3 out of 5 friends approving, for example.