With your design, a user with a lost password also loses all their data. While that might be better from a security perspective, I can't remember the last time

With your design, a user with a lost password also loses all their data. While that might be better from a security perspective, I can't remember the last time I used a system that did not keep all my data when I set a new password, without having the old one. Such a thing would annoy many users.