I certainly agree that that's the point, but such a system needs some potential usability affordances. For instance, a key stored in the browser rather than a password the user has to remember, and ideally a key synced between multiple devices controlled by the user so that the loss or failure of one device does not mean loss of the account.
For example, imagine having the browser generate an asymmetric key for the user, and making sure browsers store such keys (encrypted) in Firefox Sync or equivalent, so that the keys are safe even if the user moves to a new device or an existing device fails or gets lost.
https://francoisbest.com/posts/2020/password-reset-for-e2ee-...
https://1password.com/files/1Password-White-Paper.pdf
Don't work for Agile Bits, but have used 1P for a long time and couldn't live without it.