The TPM itself does very little. It is simply used by the UEFI to verify that the digital signature of the OS image is valid, similarly to how a browser validates a server certificate using its own truststore.
A possible attack vector to compromise that functionality would be to tamper with UEFI. Since it is firmware, the operating system simply doesn't have the capability to so. Even when doing firmware updates, the OS must ask the UEFI nicely to apply a new firmware image, which is similarly verified using a digital signature.
All the above assume that there are no backdoors that allow an upper layer to compromise a lower layer.
Private key material is required for remote attestation, which makes it possible to prove certain things to an external party, for example the exact identity of the TPM. This feature is much more questionable.