It works but is not great UX. Same reasons why PGP never caught on but things like Signal did. Autists like us might be interested in learning all this, and willing to put up with the friction, but most people are not (who otherwise might have been interested but were scared off by bad UX). You have to abstract all that complexity away or your pool of users is going to be very small and using custodians which is exactly what we see with LN.