I can't be the only one who finds that to be small comfort; isn't it sensible to respond, "if my 1Pwd master pwd is stolen, I must treat the vault as if it had been exposed"?
Having access to the 1Passswrd Master Password and your entire encrypted vault still doesn't get the attacker what they need. To decrypt your vault, you also need to know the 128 bit secret key which is also used in the encryption strategy that is stored offline (e.g. on a piece of paper in your safe or via another already authenticated device)
Everything else interacts with it.
Your secret key is still required to decrypt passwords via the desktop application (which is the only version - everything else interacts with this.)
In this case it is about security, I believe. Primarily because of the additional secret material needed to encrypt the vault, but also because I trust them to store that vault securely for me versus my self. I’m lazy. I’m forgetful. They’re not. It’s literally they’re business and they’re getting better at it daily (one would hope at least.)
You’re not as good as they are at storing the vault, monitoring it, backing it up, and observing any and all access to that vault and reacting to access that’s not authorised. That’s literally their job and you have to trust someone to do that job well at some point (trust is the backbone of a healthy society)
Of course you can get as good, and better, but the time and energy required would burn hundreds of hours you might consider spending doing something that generates more money, therefore negating any (reasonable) price they put on their product.
That being said it’s worth noting that behaviour can be as important as technology. For example if a cloud-centric solution is more convenient, its users are less likely to engage in security compromising behaviours such as copying and pasting passwords, or declining to use a password manager at all outside of their local device context.
Also, I never use that icon and exclusively use the shortcut. I'm curious if that can be spoofed somehow. But again, they can only get your master password. In the case of 1password, I'm pretty sure they would need direct access to the computer to gain access to your vault.