Hardware tokens are specifically designed to resist copying. Any means of copying it would be considered a security vulnerability.
Bits rot. A hardware token kept in a bank vault may or may not still work when I need it 10 years later, and there is no reasonable process for regularly verifying the integrity of its contents. Backup drives' checksums are verified with every backup cycle, and so are the checksums on the file system being backed up (I'm using btrfs for that reason).
Hardware tokens are expensive. Mechanical lock keys are not.