This is a step towards passwordless, but not really passwordless. When you buy a new iPhone I guess you still need to authenticate yourself with password and/or biometrics before your device is ready.

Actually with deep fakes endangering authentication *only* based on biometrics, I fear passwordless is more a temporary hype. Best is multi-factor based on diverse factors (something you know, something you are, somwhere you are, how you behave). Something you know is the hardest to hack: you have to read peoples mind. Nothing is more secure than a password, especially when it comes to crypto and financials. Id never want my e-banking be only based on my biometrics.