If you make "show password" a checkbox defaulting to off then it shouldn't need obfuscation. It's on the user to decide if their surroundings are private enough

If you make "show password" a checkbox defaulting to off then it shouldn't need obfuscation. It's on the user to decide if their surroundings are private enough, and actually I think one is more likely to have an audience when using a mobile (such as on public transport) than on a desktop computer.