That might be the company going bankrupt, a physical or digital disaster, geopolitical firewalls, or simply a Kafka-esque bureaucracy where your entire account has been deleted without appeal because the company decided it was easier than figuring out the truth behind some moderation issue.
The reality is that the biggest pushers of Passkeys are the providers with the least amount of infrastructure stability. If you want people to get to use Passkeys, providing an exit tool from Google and Apple is a must, because both providers are godawful at not accidentally mushing up your data. That's not so important if all you're using their infrastructure for is a periodic backup/use it to transfer photos to your PC, but it's a problem for anything that has to be stored long-term.
And even when they are, nothing says that secure enclaves can’t have importable or exportable keys. Many schemes do both on a regular basis.