Yes indeed! But you mark the key for deletion and there's a minimum time of 7 days before it is deleted and during that time you can't use it. You've got quite a while to realise there's a problem and fix it.
How many critical domains and TLS certs expire with many months of notice? In a proper shop, someone will be alerted. Most places are not on the ball, and that alert is going to go entirely unnoticed.
You'll probably notice your disks not mounting and your vms not starting up and your users not being able to take data etc. Or not, depends on how frequently accessed it is.