Limiting what the owner key can do does help and seems better for security so people can't use it except to rewrite their keys.
Did they say they would get rid of the master password?
Also why is it called a password and not a key... never quite understood that.
As far as I understand, getting rid of the master password is at least on the table. That's why I'm making a case for it.
Owner key and master password might just be remnants of early ideas. Ideas that never came to fruition.
There are probably people better versed in Hive lore than me ;)
It looks like this is something where front ends cooperation is expected as well. From the summary: