Many Android phones still do not have a separate secure element.
Also, the Play Store itself regularly contains malware.
In the end it is mostly about control, dressed up as protecting users. If it was about security, Google would support GrapheneOS remote attestation for Google Pay (for being the most secure Android variant) and cut off many existing phones with deplorable security.
In other news, a new study shows that cutting off your feet is 100% effective against athlete's foot.