I guess I don't understand then. Reading the docs, they have like a guiding council of functionaries" that must approve pegging out (which I believe means swapping back from L-BTC to BTC ...but maybe I'm just dumb?).
Discussion
As I understand it is Liquid is a federated model, so you're trusting that several of the functionaries (11 of them I think, in different legal jurisdictions) don't all collude at once to censor transactions.
It's just different trade offs. Better than keeping BTC on an exchange but not as good as on the main chain. In return you get more privacy and lower fees.
In the end we have to get comfortable with some compromises because it’s not possible for everyone in the world to operate on the base layer.