Even the head of information security tried changing this and failed to get the change through.
Why can I accept it? I constantly see colleagues sharing passwords and constantly have to say "please don't" when they try to share their password with me. While forcing people to change their passwords doesn't eliminate the underlying problem, it does limit the scope of the damage.
For the next 10 years, his password was a particular insulting phrase directed at the IT guys, followed by a number that would increment each time he had to change it. Got into the hundreds before he left the company.
It also interferes with password managers and secure keys. Opens a phishing vector. Generally I could enumerate how bad it is and run out of ink here. (And it's a screen.)
There’s also this great quote:
Verifiers SHOULD NOT impose other composition rules (e.g., requiring mixtures of different character types or prohibiting consecutively repeated characters) for memorized secrets. Verifiers SHOULD NOT require memorized secrets to be changed arbitrarily (e.g., periodically).
There’s other great stuff in there as well like that you should allow users to “paste” passwords and potential passwords should be checked against a list of known bad ones.