Having something you know (a password) is more secure because something in your memory that you don't share can't be taken from you by any means. Passwords aren't perfect (you can be tricked into sharing it, or tortured into giving it up) but there are solutions for being forced to hand over a password, and neither tokens or biometrics solve the problem of people being tricked.
No one can murder you in an alley, and drag your lifeless corpse to an ATM and clean out your bank account because the murderers have your face, and fingerprints, even your cell phone, but not your pin. Good security should always require a secret that you know.
Not having a password would be fine for logging into low risk sites like this website, where at worst someone might get your account banned or post comments under your username, but any site or transaction where the risk is greater should just always require a password.