If you hash each letter separately, then for the fist letter you have something like $2a$06$54k.unrkdM4PInCBA9Kx9uTQEa8GZR76dO7xx4puT9m2rhtFioFbm . Can you guess which letter it is?
(spoiler alert)
It's very easy to recover each letter separately using brute force. If your password has 8 letters and for the sake of simplicity let's assume the they are only uppercase normal letter, then the difficulty to guess it is reducer from 26^8=2E11 to 26*8=2E2. (The difference is bigger with a longer password or a bigger alphabet.)
That would effectively be the same as storing the password, because you can simply hash every letter of the alphabet, see which hash matches, and you've recovered that letter of the password.
(spoiler alert)
It's very easy to recover each letter separately using brute force. If your password has 8 letters and for the sake of simplicity let's assume the they are only uppercase normal letter, then the difficulty to guess it is reducer from 26^8=2E11 to 26*8=2E2. (The difference is bigger with a longer password or a bigger alphabet.)