The level of authentication needed for any system is directly proportional to the level of secure information stored in that system. Hence I would want high security on my bank account but accessing a membership site that does not store my CC info, then passwordless is fine (especially if I can just get a SMS code that instantly will validate and log me in).
@seanthinks2020 Passwordless login is considered far more secure than standard password system. Anyone thinking how they have very strong and secure passwords might want to check out this video I was pretty terrified after watching this :D