Heck, once I cycled for half an hour with my iPhone in my pocket, and somehow the phone against my leg was in just the right position that it kept interpreting my leg movements as trying to enter a passcode.

Got home, pulled out my phone, and it had a message that it was locked for several hours due to so many failed passcode attempts. Incredibly annoying.

Still, only happened once in well over a decade of owning an iPhone.

I was mostly frustrated that there wasn't some alternate way of regaining access, like via my Mac or iPad logged in with the same Apple ID. Or that the failed passcode attempts didn't start eventually playing a loud alert sound or something on each failure.

I wish there was a way to cap the lockout time.

It makes sense for 4 digit codes, but I have a 20ish character password, I once locked myself out, and it was an incredibly frustrating experience.

My password can't be brute forced even with offline access to the hash, there is no risk of it being brute forced from keyboard input.

The description is misleading. What made the OS create a new keychain was resetting their login password, not the failed password attempts.

(The login keychain is encrypted using the user's password, so it's reasonable to create a new one when the password is changed - otherwise, you end up in a situation where applications constantly pop up prompts for a password the user doesn't know every time they try to access the keychain, e.g. to load saved passwords in Safari. I've seen this happen on older versions of macOS and it's positively infuriating.)

Remember entering password to one service I subscribed to. It was Friday evening. I typed it wrong 5 times and my account was locked out with a message to contact customer service. Customer service was open from Monday to Friday 9am to 5pm. So I was unable to use it for a couple of days. It was painful experience. I found an alternative though and on Monday cancelled it.