For me the video is a bit tedious. And the title is click-bait. This is what the journalist claims is the "Passcode Problem": in a bar your iPhone gets stolen. But before that happens, the thief or accomplice watches you unlock the phone using your passcode. Maybe they even record you entering it. As soon as they have the iPhone, they use the passcode, change your Apple ID password, turn off "find my phone" and then use the apps on the phone to steal whatever they can.
I think that is a good summary of the video, but I don't see how that is click-bait. The journalist is arguing that device + passcode gives thieves too much power. There ought to be other hurdles in there for financial apps, password managers, etc. SMS 2FA doesn't help either. And getting locked out of your Apple account affecting all your Apple devices is a complete disaster.
Why does iCloud NOT ask your previous password when trying to reset with a new one. Seems like an easy way to limit the damage that could be done by Device passcode?