That feature only exists on family/team accounts, and in that case the account that is allowed to perform recoveries has an escrow of the vault passwords of other team members.
The user who currently holds escrow can distribute those recovery keys to other accounts in that family/team/enterprise. This is why 1Password SaaS forces you to have at least one account admin (aka the user with recovery keys). If you somehow have 0 account admins, creating a recovery key -- without full decryption access to a vault, aka, user still knows their password & account key -- is impossible.
1Password themselves don't hold these keys.