I think it is, at least in part, trying to take away part of the autonomy that bitcoiners and libertarians want and replace it with a bureaucratic process. If I understood it correctly, you don't have to trust bitkey for regular transactions, using your two of three parts of the puzzle but in case you need recovery (the only reason to use bitkey) because you lost/broke one of the two *electronic devices* containing your keys, you absolutely have to hope that bitkey didn't mess up or hold your keys hostage. Personally I trust myself way more to keep track of my belongings than some company to whom my entire net worth is an utter joke.