Really neat idea. I think the whole write down your 12 words will be a thing of the past for about 90% + of people. Most people lose their gmail password 3x times a year. We can't force these people to be hands-on with their private keys. We just have to keep innovating clever ways to give people from all walks of life a way to safely use the blockchain. We are still early days, but ideas like you just had are what I'm looking forward to.
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Luckily a master password can be any string of characters.
Combined with account recovery this is quite powerful.
I also have a lot of ideas to help people remember their passwords.
All that being said Hive definitely needs trustworthy middle men to act as custodians for newer users who have less funds at stake. So far I think LeoFinance is doing a good job with Lite accounts. But we can all do better going forward.