To be more direct, I'm suggesting the standalone native application may not completely correctly implement the encryption algorithms. I have no evidence of this, but the concept still concerns me.
That's not what you said. You said that if someone owned up 1Password, the whole Internet would be in trouble. But that's like saying that if someone owned up one of the OpenSSH developers, the Internet would be instantly vulnerable. A false statement.
It's a true statement, not a false one. If someone was able to release an intentionally vulnerable version of OpenSSH/1Password, people who updated would be "instantly* (your word) vulnerable.
To be more direct, I'm suggesting the standalone native application may not completely correctly implement the encryption algorithms. I have no evidence of this, but the concept still concerns me.