On the plus side, it's good that they finally figured out that forcing frequent password changes and forcing the usage of special characters are anti-patterns. I've been repeating this for over a decade.
Deprecating passwords is the wrong conclusion. A better solution would be to educate people about good password creation and handling practices. A 1-page document and/or short video would do.
(Perhaps I misunderstood and you were being sarcastic?)
The practices which they did come up with have been terrible, even harmful (e.g. changing passwords often and using special symbols).
Of course if you teach the wrong thing, you will get the wrong results.