Hi Pradeep,
from my point of view, in case the master.key gets compromised, as you say, you still know it and can access your credentials. In this case, you would always be able to set up credentials again.
I think you meant "in case you forget the master.key". The problem that comes to my mind is that you can't easily have a mechanism to restore it without opening a security hole, which is what this feature wants to avoid. Did you already come up with an idea to handle this?
Kind regads,
Alberto Almagro