Convenience and security.
My Google account is very secure and my password backup file is encrypted with an additional passphrase.
What I require from a password manager:
Encrypted backup
Device sync
Generate random strings for passwords
Form auto fill
And all of it behind multiple layers of security.
Currently nobody does this as well as Google does.
But Google could secure it from you anytime they wish!
Not your password manager, not your passwords
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It's a central point of failure. But all the alternatives kind of suck.
Perhaps 🤣