The reason why it is tied to device isn't to protect against over the shoulder watchers, it is that the resulting key that is stored in the system is unique from system to system so you can't lift the key from one machine and use it on another. Maybe not as useful for a PIN but does make it harder to use a stored key to replace a biometric key so a compromised key doesn't leave every system you've ever logged into vulnerable to a key-auth attack.