This is often called a "stateless" or "generative" password manager, and while they do have some benefits they tend to be rather niche.
The main issue is losing the ability to easily change the master passwords as well as making it more difficult to deal with password requirements.
Also, for most users the sort of access needed to steal an encrypted password vault isn't much different from what is needed to grab a master password as its being used, so the benefit is very limited.
Ctrl Alt Ego
It's like a System Shock or Prey 2017 that has even less emphasis on "conventional" combat and more general problem solving. In some ways I feel like it's what you get if you grow an "immersive sim" out of a "puzzle" game like Portal instead of out an FPS or RPG.
![jeruyyap](https://media.hachyderm.io/accounts/avatars/109/837/872/058/614/838/original/53be8dae0679ff27.jpg?format=webp&thumbnail=64)
I write code, play games, and pick locks. Pretty stereotypical I guess.
Avatar made using https://twitter.com/mothgenerator