Except that banks can (and do) already require proprietary apps to generate one-time passwords, often requiring official iOS and Android phones. It's not some nebulous future, it's happening now.

And you can't really blame them. A TOTP 2FA from your password manager is not secure. It WILL be hacked sooner rather than later. And SMS is horrible, expensive, and unreliable.

So far, only FIDO keys provide hardware-backed security ("resident keys", not passkeys) that is nicely segregated into self-contained hardware module. And it does not require you to run a full end-to-end DRM-ed stack.

If you _want_ true privacy and security, that's pretty much the best case you can hope for.