Possibly so, but if nothing else, it puts some level of responsiblity to the user themselves to protect their information. If you only need one password to access all your internet resources, all you are doing is putting all your eggs in one basket. No-one with a moderate sense of security uses less than 3 different passwords for their various accounts (3 is a good number because you usually get 3 attempts to enter the password), making one single access point, means that you have a single point of vulnerability, and if that is compromised, your data is blown wide open.