Keys are used to validate "that you are who you say you are" in a process of interaction. There are many interactions, on many levels - but basically you could think of it like the thing you saw in cold war movies of the 80s/90s where the president, and the general needed to turn two keys at the same time, to launch a bomb.
If you want to get a little less hollywood, read about John, Mary and their good friend Lisa - (and public key crypto):
https://wiki.gentoo.org/wiki/Public-key_cryptography to get a notion, that there are "different keys", some of which are "very hidden and secretive" by necessity, some less so.
Now - what "key released/found" means on the news circuit, is entirely different. Its bloggers getting excited over any news regarding to new keys found, not understanding what they are needed for, but broadcasting excitement (hype!), which leads to about 50 excited people, that post everywhere, that they are sooo excited - because they presume, they now get stuff for free.
Basically.
The thing with encryption keys in always online/semi force updatable devices is - that many of them can and will get changed very frequently. Lets say - with every major firmware update. So its an endless supply of hopeful hype stories, never to run out..
There are a few important keys we'd still like to have though, but which we probably wont get. First off is Nintendos private key to sign packages. With it we could say "this software is from Nintendo". Modify games - and still make them say, they are from Nintendo, sign our own Firmware packages, and let them still say, that they are from Nintendo... We can't do that. But luckily, we can build a second door into the security level below, to say that a Switch should allow packages from Nintendo and - Bob. (Hi, Bob!)
We'd also very much like to always have the keys to the most recent kernel - which might take some time after every major "key change" Nintendo does with every firmware update. To analyze a few more important processes.
If you want to know what a key looks like - here is one.
1234456
I made it up just for the occasion.
