With this feature, it's trivial for absolutely anyone to steal my secrets in seconds.
Without this feature, the time-to-compromise goes up, as does the technical knowledge required. The degree-of-difficulty (which, yes, is still low), goes up.
It is cosmetic, but INTERFACE MATTERS. If you don't want people doing something, don't have a feature that makes it trivially easy.
Hell, if chrome devs really aren't going to do anything at all about this, then a better solution here would be to bring the button to the FRONT of the interface. 'View All Passwords', right beside the 'back' button, navigates you to a raw txt file of websites and passwords. Then, at least, there would be no excuse, no naive assumption that chrome is doing SOMETHING to protect your passwords.