Nitpick: if you have a password manager it doesn't matter

Well it kind of does.. A password is validated, and if you lose it there is usually some recourse. Reset or whatnot. It may be a hassle but always possible somehow.

If you lose a passphrase, no one can help you even if you hit HN front page and /r/all with a sob story. So backups and availability have a different cruciality.

Also if you store a private key on the same medium as a password store with weak encryption or key that contains the passphrase, they key can't be considered as strong anymore.

There are practical reasons to make a distinction and mistakes can be expensive.

Thanks, yes, passphrase is the correct word. :)