Seems like they're more for the "phishable" and the duplicate password users and obviously the no-password folks.

Seems like its no different from using TouchID as the biometrics to rapidly unlock a vault or account since it stores the real key in the Secure Enclave or whatever and passes it on successfull authentication. Just worse because its probably a randomly generated arbitrary string of numbers and letters that you can't remember at all in case you lose access to them/the device.