If you encrypt a password, it means that somewhere you have a key that you use to decrypt it to check if it's valid on the user login. It means that there is a way that you (or more importantly an attacker) can use to decrypt the passwords.
Instead if you use a good hashing algorithm is practically impossible to find the password given the hash. Yes if the password is really simple you can get it, but come on, if the password is really simple what's the point of protecting it?
By the way I think that we should phase out password anyway, I mean that I prefer to implement in the applications that I develop a password-less authentication: when you want to sign in a mail (or an SMS) is sent to you, you click on a link with a temporary token and you are authenticated.
No password to remember, not having to implement forgot password, change password, recover your password, not having to store the password, not having the user have to choose a password, and I hate choosing password (in fact I ended up using a password manager that generates random passwords for me, but it's not the ideal solution, because then password have to be synced on all my devices, not all websites/apps have forms made correctly to support password manager, and the password manager extension (Bitwarden) goes in conflict with the integrated Firefox password manager so I end up having password saved in the password manager and other in Firefox and it's a mess).