It is a statement of fact that a lost private key is unrecoverable. But there is nothing I can do, neither by malice nor accident, which will irrevocably prevent me from accessing my Bank of America balance. You are equivocating two inarguably and fundamentally different things.
The NPR Planet Money episode "Escheat Show" follows the story of a man who bought some Amazon stock long ago, and purposely never logged in to his online account, letting the stock multiply into a presumed small fortune. Years later he found that due to his inactivity the account had been deemed by his state (Connecticut?) as lost property years prior, liquidated, and entered into the state's escheat program, where one can claim lost property. The stock had been liquidated at a much lower price than its present worth. He wanted to sue since his intention was to leave the stock untouched for years but found there were some complications. He's currently waiting for the stock to hit a valuation where a great lawyer will be tempted to take it on contingency while still leaving himself a fortune.
These wallets are actually smart contracts. One major feature of these contracts are that you can swap out the security keys if certain conditions are met. For example, you can generate 7 recovery tokens such that you only need 5 of the tokens to replace your security keys.
There is nothing stopping bank of america from creating a smart wallet and keeping the recovery tokens. This would allow them to reset your keys if you lose them.
