Just like with passkeys or MFA, the "something else" could be purely software though, right? And hence automated?
For example I can run Windows 11 in a virtual machine on Linux, using softu2f to emulate TPM 2.0, and Windows does not know the difference.
I should also remark that the above is a western-centric perspective, whatever "West" means. For example, I heard the architect for a similar system already deployed in India remark that in his jurisdiction many households share one phone across many family members, and India chose to accept more possibility for fraud in exchange for wider usability by the population. In that context this choice looks like the correct solution.