The backup/recovery options are just terrible. You either print out a sheet of "one time codes" (which I need to not lose forever), my phone simply needs to never break, or I need to configure an insecure recovery account (creating a whole chicken/egg problem).
This is in no way mitigated by using physical keys either. Which can also be lost/broken/stolen/etc. You still need recovery/backup.
Plus a ton of vendors allow customer support to trivially turn off MFA via social-engineering, so what is the point? If people want MFA to be more common, make the lifecycle better. Right now the backup/recovery situation is all over the place and frankly bad.