Apparently, the only thing Apple can secure these days is a loan with all their cash on hand. With password protection like this I’d be worried someone might clean out their accounts before they could pay it off, though.
According to one Turkish developer, all that’s required to circumvent password protected accounts in the newest iteration of MacOS Sierra is to enter “root” into the username field, leave the password blank, and continue to press log in. This is tantamount to having “password” as your password. Apple hasn’t really ever been able to secure much of their atrocious OS so this is no different.