And yet if you click export it will gladly print out a plaintext csv with your whole life in passwords. Doesn't even attempt to zip it with password or something.

that seems reasonable, as it is the lowest common denominator for interoperability

what would be unfortunate is if it was in some format that couldn't be used by most other systems without extra work, and if the user wasn't able to use their own property to export their own passwords in a different format.