Tangential, but something I think about every time breaches or password managers come up is this: what if every time I log into a service, i do it through passw

Tangential, but something I think about every time breaches or password managers come up is this: what if every time I log into a service, i do it through password reset? that way I never have to even store the passwords, and it changes with the frequency of use. The more I use a given service, the less likely I am to be impacted by a password dataset being released. Basically the magic link that Slack uses, but with a few extra steps. What would be some security pros and cons of this approach? And ultimately, [how] can e-mail be removed as the single point of failure?