I had no idea that PBKDF2 had fallen so much in recent years. I still remember the 1Password team extolling its virtues five years ago:
https://blog.agilebits.com/2011/05/05/defending-against-crac...
https://blog.agilebits.com/2011/05/05/defending-against-crac...
In reality, PBKDF2 is fine. It's not the best thing you can use, in the same sense as AES is probably not the absolute best round-for-round, cycle-for-cycle cipher you can use, but it gets the job done.
The answer for "what password hash should I use" can accurately be summed as "put bcrypt, scrypt, Argon2, and PBKDF2 on a dartboard, and then throw a dart".
In 1PW's case, PBKDF2 is even more reasonable, because 1PW actually needed a KDF, and bcrypt is not an especially good KDF.
PBKDF2 is an improvement over PBKDF1 (and other naive iterated hash constructions), but attacks got better and better defenses are called for.
No, it really isn't.