It's pretty decent for the WiFi use case, but you could actually do something cooler with a symmetric PAKE if your WiFi device had a display. Pick a short random password, copy it over to the client, do SPAKE2. You now have a unique, high entropy secret -- and you have strong guarantees no-one else has that secret (an attacker can guess, but there's a tiny time window for them to do so, and the honest participants are immediately convinced foul play occurred).
As it stands, the PAKE is better than what they had, but not ridiculously better in the way U2F is over TOTP for example.