Totally! And for a user that knows the importance of a secure password, that's fine. But the average user in an organization picks terrible passwords. A random 5 or 6 digit PIN generated by the IT department (to avoid the user picking their daughter's birthday) used to lock a TPM is generally easy to remember and secure, especially if a lockout policy is set on the TPM.

I agree that for the user who would pick a secure passphrase, it's comparable security either way and thus really comes down to preference. I like tapping a quick PIN on the numpad rather than typing out a passphrase, but I can definitely see the advantages to the passphrase approach: you don't have to depend on a piece of hardware specific to the machine, and the attack surface for a potential backdoor is a lot smaller, especially if you're using FOSS full disk encryption software like Veracrypt.

> especially if a lockout policy is set on the TPM.

what happens at lockout?

Recovery with the escrow key held by IT, typically.