Making encryption more convenient for everyone is definitely a good thing. Some people will always have that paranoia around letting keys out of their hand, but for the rest of us this protocol aims to reduce the need to trust any one service with your key material by distributing it across independent distrusting services.

"Key escrow" by encrypting secrets yourself with trusted tools and storing the result in various object stores. Problem solved.

Also solved by on-prem secrets and password managers without cloud features or dial-home.

Trusting a new third-party with their new and likely unproven construction is a recipe that has failed spectacularly over and over again.

It's possible, but it's very, very difficult and, like email or DNS, becomes a kind of commoditized utility that rarely/never changes.