If I were out of country and my laptop got stolen, for example, I’d lose it. Sure, you can use a separate password for your Dropbox/email/etc. that you remember

If I were out of country and my laptop got stolen, for example, I’d lose it. Sure, you can use a separate password for your Dropbox/email/etc. that you remember, but that’s pretty much the same thing as generating based off a master password. (With the exception of your master password being brute-forceable based on any password you generate, but you just use a master + KDF combo that’s unbreakable to prevent that.)