"Maybe one day they'll develop some systems that give the projects the ability to decentralize governance. I think that's what's happening with BEE tokens perhaps?"

I have some BEE, and fewer Worker BEE but I don't know how governance works or if it's even in place at this point.

"...but there's the bigger issue of custodianship of the pegged tokens."
I thought this was baked into scaling and number of witnesses?