I don't think this is supposed to secure against someone with physical access.
If they have physical access and are replacing the BIOS, they could just replace the CPU at the same time with a fresh unlocked one that will lock itself to the replacement's signing key on first boot.
If they have physical access and are replacing the BIOS, they could just replace the CPU at the same time with a fresh unlocked one that will lock itself to the replacement's signing key on first boot.