When you seriously come to think about it - storing your Crypto in exchanges is better than using cold wallets.
The first main reason is that exchanges pay you an interest rate on your Crypto whilst cold wallets pay none.
Secondly, we definitely believe that more and more users would move into hot wallets than using cold wallets, Ledger.com could become the next "Netscape" and then if your hardware device gets faulty and you would need support from Ledger.com - then you might find yourself in trouble. It's not a wild guess, this could seriously become the reality in the next few years.
This is a bunch of nonsense if this was true then why many exchanges and casinos use cold wallets to store the majority of the funds of their clients? Because in the case of a hack they will only lose a small amount of money and not all the funds coming from their investors, second you are equating hardware wallets with cold wallets and they are not the same, you do not need a hardware wallet to get a cold wallet.
You could easily create a cold wallet by installing electrum in a Live CD, copy your seed words and creating a file with your public keys and then you can reset your computer, that way the wallet will be deleted and now you can only recover it with your seed words.