I think the reason for the popularity of this wallet is that it is invited by....
The same people who believe that the CEX you mention is something they should trust, surely believe that they should trust the Trust wallet just because it has
"trust" in its name. If some kind of research were done, I have no doubt that a large percentage of those who use this wallet would probably admit that they use it because of the name, which is of course absurd in every way.
Trust wallet is also promoted by CZ. This isn't originally developed by Binance team, they just bought Trustwallet and further developed it with a TWT token which has been tanking that's why its popularity increases.
Trust is a close source project, it wouldn't be surprising that there is a backdoor to the wallet where the team has a copy of our seed. It's possible. You can't fully trust a team.