Lenovo has lost all trust
Many see this as part of a long pattern, citing Superfish and hardcoded passwords, and argue Lenovo shouldn't be trusted with secure hardware at all.
Use software encryption instead
Put VeraCrypt, BitLocker or LUKS on an ordinary drive. Opaque hardware encryption can't be verified and adds a point of failure.
Hardware encryption has real uses
Others counter that secure elements with PIN lockout protect weak passwords, help non-experts, and suit standalone instruments and disaster recovery, provided they're built properly.