Agree. The big nogo for me is the fact that in case your device gets damaged or lost you need a new Bitkey device to restore your coins. What if you can’t get that delivered into your country? Or the company goes away?
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If you don't want to buy another of the same hardware, when you've lost it, you shouldn't make that hardware part of your cold storage operation?
The scenario that would be covered by this is when you have a phone key and the bitkey cloud key, without the hardware. You can spend down within limits, or you can restore things with new entropy generated by some new hardware, which right now only one device exists with all the required features.
Losing the hardware does make you dependent on a specific vendor, yes.
That is the design choice made early on, that you involve a vendor to hold your cloud key and make sure you can recover from the loss of the hardware or phone key, or both, Involving a 3rd party is literally the point.