Losing your Apple ID password can make your digital life a misery, because it can leave you locked out of the account that you use to manage your Apple devices, unable to access your iCloud data and manage your app and service subscriptions.
In this scenario, Apple can't just reset your password for you, especially if you have two-factor authentication enabled. Setting up a recovery is one alternative solution, however in such cases you can't change your password unless you have a trusted second device as well as the recovery key.
In an effort to make things easier, Apple in iOS 15 allows you to set up an account recovery contact that can help make sure you always have access to your account, even if you forget your Apple ID password or device passcode. Your recovery contact is someone who can verify your identity and help you regain access to your account and all of your data if you ever get locked out.
It really works as a sort of remote 2FA code for recovery. So this is not quite the same as Google's ability to unlock your account for nominated beneficiaries after you become incapacitated.
See iOS 15: How to Set a Recovery Contact for Your Apple ID Account
Losing your Apple ID password can make your digital life a misery, because it can leave you locked out of the account that you use to manage your...