[rtsil]

And that is why most people use a single, easy to remember password for everything: even if their house burns, their devices are gone and they no longer have their phone number, they can still remember their password.

For all of its many weaknesses, a password has that one major advantage over all the other authentication methods, and unless a new method provides a similar advantage, most people will keep using a password, just like they did even with the appearance of private keys, biometrics, USB tokens, SMS or TOTP.