All remote attestation technology is rooted by a PKI (the DCA certificate authority in this case). There's some data somewhere that simply asserts that a particular key was generated inside a CPU, and everything is chained off that. There's currently no good way to prove this step so you just have to take it on faith. Forge such an assertion and you can sign statements that device X is actually a Y and it's game over, it's not detectable remotely.
Therefore, you must take on faith the organization providing the root of trust i.e. the CPU. No way around it. Apple does the best it can within this constraint by trying to have numerous employees be involved, and there's this third party auditor they hired, but that auditor is ultimately engaging in a process controlled by Apple. It's a good start but the whole thing assumes either that Apple employees will become whistleblowers if given a sufficiently powerful order, or that the third party auditor will be willing and able to shut down Apple Intelligence if they aren't satisfied with the audit. Given Apple's legal resources and famously leak-proof operation, is this a convincing proposition?
Conventional confidential computing conceptually works, because the people designing and selling the CPUs are different to the people deploying them to run confidential workloads. The deployers can't forge an attestation (assuming absence of bugs) because they don't have access to the root signing keys. The CPU makers could, theoretically, but they have no reason to because they aren't running any confidential workloads so there's no data to steal. And they are in practice constrained by basic problems like not knowing what CPU the deployers actually have, not being able to force changes to other people's hardware, not being able to intercept the network connections and so on.
So you need a higher authority that can force them to conspire which in practice means only the US government.
In this case, Apple is doing everything right except that the root of trust for everything is Apple itself. They can publish in their log an entry that claims to be an Apple CPU but for which the key was generated outside of the manufacturing process, and that's all it takes to dismantle the entire architecture. Apple know this and are doing the best they can within the "don't team up with competitors" constraint they obviously are placed under. But trust is ultimately a human thing and the purpose of corporations is to let us abstract and to some extent anthropomorphize large groups. So I'm not totally sure this works, socially.