First of all: I didn't claim that (although, yes, maybe that kind of got implied). [1]

But I even think this practice is useless. They just sent my password in cleartext. It sits now in my inbox and I have to delete it or I store my unprotected password. And - for what exactly? Does that serve any purpose? I just entered it a second ago.

So I question the usefulness of that approach and consider this very first contact unprofessional. YMMV and all.

1: Just tried the 'Forgot my password' dance and it they don't retrieve it at least: Received mail with link to site which sends a mail with auto-generated password to log in. A bit weird, but well..