@conlan @rmondello
Right now the answer is “same as you do for lost password” which is not very satisfying. The entire #passkeys passwordless revolution depends on still using a password AND MFA if you lose your main credentials.
Although having keys synchronized usually means there is a copy in the cloud somewhere that you can recover, thanks to Apple or #1password or whoever. It’s also not a bad idea to use a competing/separate system to generate a second #passkey for the most important sites in your life (email, bank, etc)
I think in the future there will still be a “one time code” even if passwords are dead and gone. Validate by email, or SMS, or security questions will still be around for my lifetime.
One thing that does show some hope of escaping the “knowing the secret” rat race is security keys like #yubikey. Which right now are not well-known and not well-supported by everyone but are growing.
So there’s a handful of answers to the question but none great.