I deal with this in my industry (telecommunications). Just because you've provided proof of identity (eg your phone number, account number), there are still things you're not allowed to do until you've authenticated your identity--and the system determines your authority, to perform an action. This is accomplished through a password, a PIN, etc.
On a phone, it's an interesting shift because with a PIN, we essentially bypassed the need for identity and used only a password; regardless of who you are, you can get in if you have the right key.
With the move to identity being sufficient to unlock a device, we're saying that just on the basis of identity, the authority that used to come with a password (sans identity) can be granted. It's a 180 degree turn.
I don't see a way on my iPhone 6s to require both Touch ID and PIN; it's one or the other. Very few interactions require both, i.e. after a restart it requires the PIN before Touch ID will work.
edit: to clarify the difference