But as computing power increases, that minimum strength is being pushed out. bcrypt lets us hold the line by keeping pace with computing power— couldn't it also give us the ability to push back?
How many users are using the 100,000 most common passwords? 1,000,000? As it stands today, anyone using one of those is instantly compromised the moment the hash file is accessed. With a truly variable work factor, you could theoretically ensure the safety of any password, regardless of strength.
It obviously gets silly toward the far end (make "password" take three months to hash?) And maybe it gets silly a lot sooner than I'm thinking. But surely it could be pushed back a little, yes? Make one of those 1,000,000 passwords intractable, and you're protecting thousands of users from attack.