* An attacker with access to the database will know they can reduce the "hashing algorithm" to two sequential hashing algorithms and still bruteforce a series of plaintext passwords to check to see if the hash matches what is in the database.
* An attacker with access to the plaintext network communications or app server can just store and replay the second hash to login
* An attacker with access to the client machine can grab the plaintext password still
Lastpass does this is for end-to-end encryption reasons, where it is useful, but for standard apps I don't think it would be.