My system requires me to hold exactly one key, which is my master password. I don't even know the dozens of passwords I am using. When I require one, the pwd manager enters it for me.
Most users will use the lowest energy option, which is using a reused, low-entropy password. Using a password manager is great for those that choose to do so, but the system can be designed so the lowest energy option is still secure enough. In this light: passwords are not secure enough.
Even if the user choses to use a low-entropy password for his locally stored safe, the actual passwords generated (which the user doesn't even need to know) for the services he accesses will be of high quality, and unique to every service.
The only point of vulnerability is then if the device gets stolen/hacked, but that's a proble that one entity has to deal with, instead of a problem that affects millions of users like a DB leak full of weak passwords.
