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"What's the point of passwords?"

This morning during our "Control of the Week" planning meeting, @Jose mentioned that "Are passwords necessary and useful?" was often a topic of debate at various organizations he's seen over the years while at PwC.

I almost fell out of my chair after hearing that. As someone who's always believed that strong passwords were one of the many best practices people needed to do in order to be secure, I can't believe people question the necessity of passwords.

Do other folks in the community think and feel this way? I am genuinely curious to hear what your take is on this (especially @Harpreet and @Chika's!) @Susan, I know passwords are the bane of your existence, but why?!