The problem is that there's no good way to control that master key. What do you do with it? Lock it on an encrypted USB drive in a fire proof safe bolted to the floor under the google headquarters?
That works until a police agency wants to use it. And then another.
How many people do you think you can reasonably give this key to before someone who isn't "supposed" to have it gets their hands on it?
What happens when a criminal gets his hands on the master key that unlocks every encryption made by apple, google and microsoft?