As long as you're ok with relying on the keybase service being reachable and functional, trust is still decentralized and verifiable.
Also, I'm not sure how easy it is to run a private keybase PKI (anyone done this before?). For GPG/SKS keyservers, you can spin up separate pools of keyservers for private PKI pretty easily.
For the record there is a way to encode Keybase-like proofs in plain OpenPGP: https://tools.ietf.org/html/draft-vb-openpgp-linked-ids-01 for some reason Keybase decided to keep this validation centralized.
Interesting gray areas between easy determinations of whether or not something is centralized/decentralized or now.
I still keep PGP/GnuPG keys up and working with email because it is universal and simple. The encrypted messages I have are easy to open and get on using a fresh machine/phone as long as I keep my key around. I don't depend on anyone to maintain their servers, etc. I'm still waiting for a modern replacement, but so far it hasn't happened for me.
Essentially: a keyserver facility where you attest to your keys in public identities (like my hn profile), plus a bunch of end-to-end encrypted stuff built atop of it.