It doesn't wipe phising. Phising is getting more and more complex, now phising sites ask you for your ToTP to gain control to your account in real-time. And that's one of the origins of FIDO2. - https://fidoalliance.org/fido2/
Unique passwords wipe out password leaks as a vector. Anything where you type in a code is also still phishable.
People can still log into your account if your unique password leaks. It just prevents them logging into your other accounts.
Point is, TOTP isn't useless.
What's the second factor for 1password?
They added 2fa with duo security + a few other methods.