[baby]

> I think this just shifts the responsibility and point of attack onto the owner

The owner is always a target, it doesn't change that, it just removes a bunch of single points of failure and middle men.

> An attack is still possible and worse yet, it is completely irreversible

Attacks are always possible, but depending on your threat model you do end up eliminating a number of them. As I said, with a naive implementation you make an attack irreversible, but it's not impossible to imagine an optional, committee base KYC-based account recovery mechanism.