The problem here is that the signature doesn't do anything
for you.
Suppose you want to be assured of the software running on your machine. You go into the firmware, point it at your boot loader and say "only this one". It makes a hash of the boot loader and refuses to use any other one until you change the setting, which requires your firmware password. Your boot loader then only loads the operating systems you've configured, and so on.
That doesn't require any certificates and you get 100% of the benefits. The firmware needs to verify the boot loader and the boot loader the OS etc. The OS doesn't need to verify the firmware because it can't because if the firmware or boot loader was compromised then the code in the OS to validate it would be just as compromised.
The only thing the signature gets you is remote attestation, which is the evil to be prevented. Simple hashing would get you everything else.
And then you also don't get this "garbage code is nonetheless trusted" problem because there is no global root of trust and you never told your firmware to trust this random firmware update utility for somebody else's hardware.