Just to be clear, my point of view relates to the average person and not myself, I run Phoenix alongside WOS and am currently in the process of setting up a node
My point is more that most people won’t want to deal with the hassle, the same way they accept a lower interest rate on their savings account than they could make on the markets, for example. People still like custodians
Banks have rug risk too and most still trust them enough to keep all their money in them