Yes, a hard-coded password is bad practice. But does the company have a bad culture of keeping configs in repos? Maybe management thinks it easier to commit configs with sensitive data, than to set up proper deployment shit. And after all, the repos are private, so it should be fine yeah?
Bad code ending up in production is something you'll see often. Does the company have nice test suites for everything? Continuous integration pipelines? E2E tests? Or is upper management pushing everyone to their limits, because "fuck it ship it"?