The current system is a huge pain too...
I have 700+ accounts recorded in my password manager. Organizing, managing, occasionally changing passwords on important ones, etc. etc. takes a non-trivial amount of time and dedication!
And it's way way harder for many people who never got a system down, something I'm reminded of every time I visit my grandparents.. :-) Their main email account used to be an old ISP one that they'd payed for for years, and for whatever reason (I couldn't figure out why) it stopped working with some sites. Without that email account they lost access to a bank account, several credit card accounts, and some other stuff, and I ended up walking them through setting up a gmail account and calling in to change the email associated with all those accounts. Well, I used their landline phone to help set up the gmail account, and this year they moved, no longer have that phone number, and lost access to that account. I tried to help recover it, but wasn't successful. Guess what... they had to repeat the process for the bank and all those credit cards.