It seems there is an intentional effort to drive your digital identity and financial identity/history to your mobile device.

This makes social control much less complicated

I use a cloud based TOTP(bitwarden) for exactly this reason. I don't store credentials there.

Sure, I've made my attack surface larger, but for me beats having to call, email, or be screwed when I lose access to my phone.

2FA should be TOTP not SMS

Why?

You'd never register a token with an actually secure 2FA schema (account inaccessible if token inaccessible) with just one device.

Back up your 2FA/MFA.