And what happens when people inevitably lose their private key? How will they regain access to their SSN?
At that point, they can regenerate the key-pair and have the SSA official sign the public key and keep that on file.
Now, presumably, it is possible to forge both documents, but I would think that the government could check their records (federal and state) to verify the authenticity of the provided documentation.
This would take a lot of solid investment politically, and technically, to make it even slightly feasible to work for the average Joe.