Am I missing something? It would seem to me that knowing the specter secret key and the “login id” then exposes the password that then is “fixed” and cannot be

Am I missing something? It would seem to me that knowing the specter secret key and the “login id” then exposes the password that then is “fixed” and cannot be changed without breaking other aspects. In a world where we’re moving to passkeys and hardware based authentication, why is this even a thing? It just seems a huge step backwards.