Friendly reminder to generate a unique password for every account you create so database leaks like this one don't bother you (besides on the site they're used).
I think pretty much the same argument for old-world POTS. While nothing was encrypted, nothing was recorded and someone had to physically access the local copper, which in reality provided more privacy than the future (today) where everything is recorded forever and you can bribe, extort, hack, blackmail, or just for fun leak everything recorded.
Having unique passwords isn’t something you should rely on either. Good MFA practices limits the impact of breaches like this. It isn't an either/or thing, do both.