No.

You don’t tie it to “your device”.

You tie it to your security key.

Which is treated like a credit card.

and your extended family, friends, or volunteers can act as social proof to allow you back into your accounts,

if your key burns up, it breaks and you were too cool to provision a backup, etc.

Credit cards are lost and stole all the time, and it isn't really a big deal when it happens, since charges can usually be easily reversed. This does not sound like the same scenario. It also doesn't account for people who lack friends/family nearby or at all.

> it breaks and you were too cool to provision a backup

If we're relying on the average person to back things up properly, this idea is doomed from the start.