I have a Yale front door lock tied in to Home Assistant through Zigbee. It's completely controlled locally.

I own a bed and breakfast. The day a guest arrives, I have homemade apps that get the last 4 digits of their phone numbers and program them into the lock. The day they leave those numbers are deleted from the lock. The lock also runs on schedules. It locks at 10pm and unlocks at 7:30am, unless we have no guests where it just always stays locked.

It's so so nice. It's also pretty secure.

It's just the natural state of capitalism. Regulation can keep it in check, but regulation will eventually falter, then fail due to regulatory capture and weakening of safeguards by politicians sympathetic to capital (read: bribed by).