Mobile wallets have terrible UX. That's one problem. 

But more importantly, do they not have terrible security too? It seems like a huge downgrade from hardware wallets. 

What am I missing?

(I hope the answer is not "passkey wallets" because that seems even worse.)

The only way mobile experience gets truly good is when Google / Apple properly embraces this tech. OR a native Web3 company launches a successful phone.

Till that time, I tell me friends I've onboarded to just use desktop for now (which they ignore and I gotta end up figuring out mobile for them after they're stuck).