Oh, it has a password. But if I remember my password I have to check my email and copy and paste a code from there. And if I forget my password I have to... check my email and copy and paste a code from there... really not much point to the password.
Assume it was due to the inconvenience of not being able to remember password/stay signed in.
You can only login with reset emails or SMS codes, which is pretty annoying.
You go to the login page, and your choices are federated login, standard login, or a one-time login e-mail.
Shameless plug of old post that describes how to restrict login to only the initiator even if login is initiated via an email link - http://sriku.org/blog/2017/04/29/forget-password/