Right, but you would still bypass the rate limiting of the server whether that be login attempts, http requests per second, firewall rules, latency or whatever when checking.
Good password hashing functions have internal rate limits that reduce the likelihood of anyone being able to break the hashes easily because they will be expensive even when fully implemented in hardware.
For how long are they resilient it's another question but bcrypt is pretty good, it's quite slow, and is expensive to implement in ASIC/FPGA.