why don't exchanges and/or wallets add custom security questions?

losing a private key and typing it all out is a crazy hassle. passwords are usually either too generic or too hard and relies on a masterpassword software. So far Ive only had one bank implement this, but as an additional security feature, why can't we add like 3 or 5 custom questions that we should know the answer to only (eg. "who's that kid that did such and such in fifth grade?", etc) and the user has to answer a majority of them right.

submitted by /u/elhnad
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