Edit:
This line from the keynote is also suspect: "And just like your iPhone , independent experts can inspect the code that runs on the servers to verify this privacy promise.".
First off, do "independent experts" actually have access to closed source iOS code? If so we already have evidence that this is sufficient (https://www.macrumors.com/2024/05/15/ios-17-5-bug-deleted-ph...).
The actual standard for privacy and security is open source software, anything short of that is just marketing buzz. Every company has an incentive to not leak data, but data leaks still happen.