Said password is therefor used a lot, with a lot of chances for interception. But most of all, it's used for trivial matters in which password typing is a nuisance (installing a cheap iPhone app), which pretty much invites people to use a weak, easy to type password.
iCloud should have multiple, completely separate forms of authentication for services like Find My Mac, instead of using the same login for wiping all your Apple hardware as you use to download Angry Birds...