Ok now imagine that you would wan't to use an Android or Windows device in the future. How do you easily access your iCloud Keychain. Or that for some reason Apple blocks your account?
Yes, that's a drawback. If I want this, then I'll consider 1Password (or Bitwarden when they support passkeys).
I'm also not entirely comfortable with trusting Apple with this, considering the track record of some big tech with arbitrary blocking accounts, but assuming they block my account, then I would lose the cloud services (used for and syncing and backing up my passkeys), but I should still be able to use my passkeys locally on my Mac and iPhone. For that reason, I'm not sure what is the problem you're describing. It's not really different from 1Password arbitrarily terminating my account, or going out of business.