How many banks have failed in the US in the last 30 years? Some of them very big banks. Yes, it's true that the government does cover some of those losses, but not all of them. We've had the Savings and Loan collapse, the hedge fund collapse, the 2008 meltdown and there will be more to come. I personally lost thousands of dollars in the 2008 collapse and have really never recovered from it and no one bailed me out.
So do I trust bitcoin? As much as I trust any currency, which is not much. It's all a risk, pick your poison.