If the hardware wallets failed, millions of people would also lose their life
savings and this would have a negative impact on the whole community and
the value of their coins.
Should we trust the people who are responsible for these wallets? Can
the technical people respond, on why we should trust them?
Theoretically you should trust no one, including yourself. Thats why some people use
https://en.bitcoin.it/wiki/Paper_wallet and put it in a drawer.
But do you trust your housekeeper? (¬_¬)