> generate a special bootstrap key you can print and save

So ... a password?

Also in this scenario you've been robbed. It's quite possible that either they took your printed out passkey also since it was in your wallet, or you're not at home where you can get the pass key from your file cabinet or safe.

Not really. A password is meant to be memorized and reproduced correctly regularlt, whereas a recovery key doesn't need that and can be very long and complicated since it is rarely used.