That's not IT issuing you a new password, that's you changing it. The point is that biometrics are perfectly feasible as one of the two factors (instead of something you know) and can still be revoked.
I also don't leave my password on everything I touch.
Biometrics are a terrible idea. Password + token is much safer and infinitely revokable. And the server can even tell when an HOTP device has been cloned.
It's really only workable when authing to the device. Not over a network. I'd basically assume that anyone can forge your biometric info, so it's only applicable in scenarios where the forgery is hard to execute.