rather it get locked than for them to continue to try and hack it until they succeed. This seems like a pretty strong password protection to me as a consumer. But this doesn't impact the password app they created. That is just the storage of your passwords in an app locked behind your face id, it also supports 2FA.
The app is new, but apple previously offered all of this within the settings of the iPhone it just was a little more hidden. I have been on the Beta for a about 6 weeks and have enjoyed the password app, seems much better than old plan. I like it more than lastpass, but haven't used any of the others. I just like the simplicity of it auto populating all the things for me.