Seems to be very standard now a days as projects seek to do things that can't be done fully on-chain.

You'd think they'd take a step back and ask "why is this even a token then?".

All changes should be voted upon no matter if onchain or offchain. After that there should be a timelock, so people that don't agree with the vote to pull their assets if they want to. The only power these private keys should have is to pause the market if there is a major bug or exploit.

It's a token so they can make $