Self custody involves writing down a 12 or 24 word seed phrase and storing it somewhere safe, preferably with a backup.
There aren't many people who want that kind of responsibility ... At least, not yet.
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Interestingly, we have the same responsibility with many other important pieces of info (i.e. passwords for bank accounts, e-mails, social security #, etc.). It's not farfetched to extend it to cryptocurrency.
That's true, but in the event that you forget your online banking password, you can prove your identity and re-gain access to your account.
In the case of crypto, if you lose your passphrase, there's no way to recover your funds...
That's actually a very good point. Cloud storage systems are going to take advantage of this in the future... the horror.