Passwords, or more generally something you know, are often relatively weak, because users cannot remember high-entropy secrets. As a result, passwords (or anything you need to memorize) usually ends up being a low-entropy secret, which enables random guessing, offline dictionary search, and other attacks. While it's possible to create and remember a pretty good password, experience shows that users don't -- and that it is probably unreasonable to expect users to do so.
There is a tremendous amount of academic research and practical experience that backs up this statement. Here are some example references:
The science of guessing: analyzing an anonymized corpus of 70 million passwords, Joseph Bonneau. 2012 IEEE Symposium on Security and Privacy. [Analyzes data from tens of millions of user passwords. Shows that making 10 guesses at an account password will compromise about 1% chance of compromising the password, and that about half of all passwords have entropy 20 bits or less. In other words, many/most passwords are weak.]
Are there any academic articles on how people handle their passwords?Are there any academic articles on how people handle their passwords?
Why is password hashing considered so important?Why is password hashing considered so important?
See the entire passwords tag on this site.
In addition, any secret you know can potentially be phished (i.e., someone might be able to social-engineer you into revealing it).
Remember the classic statement:
Humans are incapable of securely storing high-quality cryptographic keys, and they have unacceptably slow speed and accuracy when performing cryptographic operations. (They are also large, expensive to maintain, difficult to manage, and they pollute the environment. It is astonishing that these devices continue to be manufactured and deployed. But they are sufficiently pervasive that we must design our protocols around their limitations.)
Charlie Kaufman, Radia Perlman, Mike Speciner, Network Security: Private Communication in a Public World.
At this point you might be wondering: Given the passwords have so many issues, why do we still use them? If so, I recommend you take a look at this question: Why do we even use passwords / passphrases next to biometrics?Why do we even use passwords / passphrases next to biometrics?.