TL;DR: Keychain recovery relies on a cluster of hardware security modules to enforce the recovery policy. After 10 tries to guess your PIN, the HSM will destroy the keys. Apple support gates all but the first few of these tries. The paper also implies that you can use a high entropy recovery secret as an alternative, though I can't figure out how you would enable that.
This seems like a pretty reasonable point in design space to me. Of course, you are relying on Apple's trustworthiness and competence to implement this design. But that is true without recovery, since the client software is also implemented by Apple.