I somewhat understand your argument about how to prevent misuse, but I'd say one could do that by embedding the key in an ID card and someone will have to connect the ID card to the phone/computer (e.g. via NFC). So obviously you can pretend you lost your ID card and get a new one, but I would say that you can only do that so often until someone will get suspicious, just as if you would ask for a new passport every couple of months someone would start asking you some serious questions.

Regarding using the document to buy beer, that's already done, you need to provide ID. I also hope you being asked to provide ID for buying guns, but then again I'm not from the US, so I have quite a different opinion on gun ownership.

All that said though, we are currently watching some of the most significant civil rights abuses by authorities, all without any ID system and people are worried about age verification? If the government wants to abuse their power they don't need an ID system, they just look at your social media profile at the border.