On: Why even let users set their own passwords?

[xcxcx]

Some games are zero sum and some aren't. Everyone is more secure if a large bank replaces 2FA over unencrypted SMS, even though some may be inconvenienced.

Leveling down on everyone's security in exchange for usability for a segment of the population is not a realistic long-term strategy.

[hkt → xcxcx]

As opposed to encrypted SMS? I'm genuinely intrigued at the idea that's a thing.

As for the rest, is there any actual evidence of widespread interception of SMS 2fa actually being a problem?

[xcxcx → hkt]

Not sure if you're arguing that it's a great idea to run 2FA over SMS or if you're just acting up