The interesting angle here is what this means for passes and credentials stored in Apple Wallet. If device compromise is this accessible, the assumption that Wallet passes are isolated from the rest of the device needs more scrutiny. Apple's security model relies heavily on the secure enclave but a tool like this changes the threat surface significantly.

This is always the threat with walled garden style security. When you couple applications so tightly in an intrinsic trust network, on the basis that no external attacker can gain access, then the internal security is neglected and it only takes the weakest link.