The Windows format command does this. If one uses it on a BitLocker encrypted volume, it will go and zero the parts on the volume that hold the BitLocker master key, so even if someone later has a recovery password, the data is still completely gone. Same with secure erase on a number of SSDs.
Since Android is sitting on a SSD, it might be wise to move to a smarter wiping system. One that would wipe the dm-crypt data, core places of the filesystem, and after that, TRIM the entire data partition before formatting and rebuilding it. The TRIM command helps ensure that the data present isn't recoverable at the drive level, and likely will get utterly destroyed when the drive erases the TRIMmed pages.
I read about some newer phones using a chip to store the encryption key for /data, similar to how iOS does it, but when hardware starts getting involved, it becomes harder to deal with a potential backdoor.
Maybe the ideal is a small bit of storage that is used, and if it is erased, the erasure is guarenteed (where there is no way to recover previously stored data.) Then, the master key is stored there. On initial bootup, the phone prompts the user for the PIN, decrypts the key stored on that small bit of storage for the master key to /data, and proceeds from there. On an erase, /data gets force unmounted, the small storage is erased, and a blkdiscard is issued for the /data's device. Not 100%, but it will pretty much ensure anything stashed in /data is gone.
Then there is the external SD card. Unlike /data, there isn't a real standard to encrypt that storage partition. Usually it winds up being encrypted on a file by file basis with some EncFS offshot. The key for this is stored in /data, so if the phone is wiped, there isn't any way to retrieve the SD card's data. What might be an idea would be to offer the file based mechanism, but also offer the ability to format the SD card and encrypt the entire card on a device level, not just on a file by file basis.
Of course, something like phonebookfs could be used so that someone looking at the encrypted file stash on the SD card can't tell between real data and randomly generated chaff, but that may not be something for mainstream phones.