I see it as a poc for eventual federated mints.

I may trust a federation with some sats to use as spending money given the privacy benefits — even if they were KYCed.

We may, and hopefully will, get to a world where the chain and LN will be too expensive for newcomers. If we are to have custodial bitcoin, it’s better that the custody is federated and that there are at least privacy benefits vs. self-custodial uses.