Better than what? Currently, there is no legally guaranteed infrastructure for online transactions and identity verification.

Clearly, the world is transitioning to a place where your quality of life without an online presence is severely reduced.

Currently, due to the lack of government provided infrastructure, we all live at the mercy of a few giant corporations, who answer to no one and are free to refuse business to anyone, at anytime.

I do not see why anyone would want private banks to be able to hold the specter of canceling your account and blacklisting you over your head, or google/apple/Microsoft/whoever locking you out of email, or some underpaid ATT/Verizon/T-Mobile worker forwarding your SMS so someone can steal your 2FA codes and empty your accounts.