They are trivially MITM-able. Not long ago there was news posted here that telecom employees are selling SIM swaps. There's your MITM vulnerability. People can pay to impersonate others by taking over their phone numbers and consequently their messenger accounts.

This attack will be noticeable: there will be a message warning the user that the cryptographic keys have changed on the other end. You know what else generates these warnings? Reinstalling WhatsApp, switching phones... They're basically noise to users by now due to alarm fatigue. How many users even know what that this key stuff means anyway? How many people even use the built-in key verification function which consists of just scanning a QR code? I've yet to meet a single person who cares about any of this stuff.