More like "impersonate your bank and steal your login credentials". MitM attacks using interposed clients are a genuine threat outside the Apple and Google walled gardens (and even a little bit within). WEI was an attempt at solving a real problem.
Now, maybe it had unacceptable side effects, maybe it was more harmful than useful. And now it's dead. But the underlying issues got completely lost in the hyperbole wars around here. People were wildly slinging accusations of secret agendas and general bad faith[1]. It wasn't our finest moment as a community.
[1] Most of them while typing said comments on an Apple device objectively even less friendly to nonstandard clients!