You are confused by the misleading "application-specific password" terminology. These passwords each allow the same degree of access: the password you use on your phone could be interchanged with the one on your xmpp client. Aside from being able to revoke each independently, there's not much benefit from having many of them.

These are not equivalent to 2-factor auth (which grants you the benefits described in an earlier comment). App-specific passwords exist only to allow you, a 2-factor user, to use applications which do not yet support 2-factor auth.