Not really? Encrypted sessions block the trivial attack of just watching the secret go across the bus. Pushing people to MITM attacks is already an improvement, and while generating initial trust in the TPM for that purpose isn't straightforward, it's not impossible. The almost universal implementation of TPM-backed secret management isn't secure against physical attack, but that's very different to "insecure by design". All the primitives to make this work reasonably are there, OS and firmware vendors just aren't using them.