The status quo appears to involve handing over your account password to your chosen client. That's worse than this.

If you don't trust your matrix client, why use it at all?

It's also a bit disheartening to see Matrix putting all that "Log in with Google", Apple, Facebook etc so prominently on their login page. The whole idea of decentralised services was getting out of those walled gardens.

But you already trust your client with all the private keys and message plaintexts for your account.

I struggle to see why I should trust it with those things but not the account password.