There's nothing preventing the government from forcing Meta to implement a backdoor that exfiltrates the unencrypted key, of course, but that's true of non-web-based systems as well.
Genuinely asking as I would love to implement something for my customers which gives them control over their data while it resides on my servers.
The server only serves encrypted data that gets decoded in the browser.
The primary usability problem for that approach is that there’s no way to recover the data (messages) if the user ever forgets the keys passphrase.
Another problem is that all of the rendering that uses such encrypted data needs to happen client side in JS, WASM or similar.
I am not in security but think that XSS might be a concern here with something so sensitive.
And UX problems that come with it. Sounds interesting though to at least discuss with customers to see if the benefits are worth the costs to them.