Microstrategy makes tradeoffs that suit its business. One of those being to retain its own privacy and make its clients to trust in its Bitcoin ownership, which they would do anyway. The clients hold Microstrategy to account using the judicial system, which is more preferable to everyone involved. That's how they know their money is being used properly: by the threat of force.

Only the keyholders should have knowledge of utxo ownership. No one else really has a claim to that knowledge. Otherwise, you'd be be a keyholder, a true stakeholder, of those funds.