It is possible, there just isn't a "global" agreed upon consensus — and that is fine. It is not as complicated as it has been made to sound.
PGP has key signing and revocation, that's pretty much all that is needed.
The use case is valid. If someone's PGP key is compromised, I've seen it happen, they need to revoke the key, create a new one and then have coworkers, friends and etc. sign the new one, done.