Passkeys are built on the FIDO2 standard (CTAP2 + WebAuthn standards). They remove the shared secret, stop phishing at the source, and make credential-stuffing useless.
But adoption is still low, and interoperability between Apple, Google, and Microsoft isn’t seamless.
I broke down how passkeys work, their strengths, and what’s still missing
Keep in mind, still discussing the underlying fundamentals and not the user experience.
MitM attacks are frequently covered in white hat hacking, often after an actual event takes place. It is considered a third party attack, and it does break trust. It is a security threat, and to claim it doesn’t count is absurd. I’ve seen a few reports personally from internal, but I’m not at liberty to speak specifics about them. On the topic of replay attacks, TOTP is vulnerable, but passkeys are not (yet, I’ve seen people try though). This isn’t the only type of MitM attack, and, again, both are somewhat vulnerable.
TOTP is nothing, nowhere similar to passkeys in any way. You do NOT generate codes with passkeys. Passkeys are a form of public/private keys that are used to create a challenge/response request and used to generate a digital signature. The keys are not passwords (aka “shared secrets”). Digital signatures are also not passwords. The only other thing I can think you mean by “code generation” is that you’re using it as a generic catch-all, but that happens with…well everything (even passwords), depending on context.
I don’t want to sound too much like a die hard passkey fan - and you are right - passkeys are extremely overkill if you use anything above a plain old password. In some cases, layered security can be just as effective. The problem is that most people do only use plain old passwords. If we can get any kind of extra security, even TOTP, then all the better. There are also some cases passkeys are not feasible, so it’s good to have alternatives.