What is the point of a QR code rather than an encrypted private key? Less likely for someone to memorize a QR code than a long private key?
The QR code IS the private key, just encoded in a visual format easy to parse by machines.
It's also an option to put the 64 hex digits into a slab of metal, but to use it you'd have to type them or use (less reliable) OCR.
I figured it was the key or an encrypted version of the key, but it seemed like typing them in would be less error prone than a camera trying to read the dots on steel. Maybe I'm wrong that it's entirely readable with a camera now.