With physical access, root access is as simple as setting init=/bin/bash in the kernel parameters from a bootloader. No need for credentials or anything.
Secure boot ensures the image you boot was not tampered with. You can't install keylogger without tampering with the image. If you wanted to install physical keylogger, you would need to open the device up, and at least my laptop provides detection of bottom cover removal, meaning the system will ask you for a bios password if the laptop was opened up.
I think when there’s a step change in our ability to find one type of vulnerability, other types of vulnerability are probably going to become more common as well. Let’s see where we stand at the end of the year.