Maybe they could have used more marketable terms like "1-time password", or "barely a password", or "mini-password" (to denote minimal expected usage of your password), etc.?
It reflects that the mechanism is a way to securely store some identity related information. It is not a mechanism to establish that identity.
The value proposition is still obvious: You need to establish your identity once, and then you can securely save it and share it across devices and avoid having to reestablish your identity every time.
It also removes the “password” confusion entirely. Establishing identity could be through a fingerprint or verifying a government issued Id card in person etc.
The name also correctly reflects what it is doing while still sounding marketable to non technical users. The mental model that a non technical user will build more closely reflects what is actually happening - which is always helpful to build a good user experience.
