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?
You have no choice anyway, you or trust developers or don't use the technology and't don't receive benefits from it. I'd better take this risk and will keep my money in bitcoin and other cryptos than put them in bank and inflation eats my funds.