The default was chosen as 4 words due to usability concerns with longer passwords or more obscure words, but it is adjustable. The strength meter is yellow at 4 words to indicate the less-than-optimal entropy, but I felt it was better than turning a new user off by making it too hard to remember. But that's a decision I plan on revisiting.
If you are security conscious, you can save a more secure default for yourself (in local storage, nothing is ever transmitted to a server).