I do not think that these are really intended to replace OTPs. Banks insist on using SMS, so can't see them taking hardware keys terribly seriously.
I simply use them as hardware keys for password managers. I guess you could use something like Google Authenticator for that as well, but people are likely to have both Google Authenticator and a password manager on their phone at the same time, which imo kind of defeats the point (yes, I know, fingerprints and all that).
The places where I use a password manager are pretty locked down, so it's convenient to have a hardware key permanently stored at those locations. If I did use a password manager on a phone, the keys work with NFC or USB-C as as well.