No, that is absolutely not the point. The points of using pub/priv keys for asymmetric auth instead of passwords (symmetric, manually generated auth) are:
- Server-side (ie, central point) hacks no longer matter an iota from a user auth pov. No more having to worry about reuse anywhere else, about going around changing passwords, nada, because the server simply doesn't have anything that can be used for auth anymore at all. No more concerns about whether they're storing it with the right hash functions or whatever, they could publish all the public keys in plain text and it'd be irrelevant. This fantastically changes the economics of attacks, since now instead of hacking one place and getting thousands/millions/hundreds of millions of credentials you'd have to hack every single separate client.
- As a practical matter, the process means eliminating the whole ancient hodgepodge of password requirements (often outright anti-security) and bad practices and manual generation work. Everything gets standardized on something that will always be random, unique, and secure.
And that should be it. That's the point and the value, always was. The only goal should be to put a nice UX and universal standard around. But of course, modern enshittified tech being enshittified, they had to shove in a bunch of stupid fucking bullshit garbage like what you're talking about.