Earlier quoted context omitted.
All such deterministic algorithms are seeded by something. This is their basic flaw. Guess the seed and you get all the passwords. With a password manager that randomly generates unique passwords, you don't have that problem, but you do have to synchronize the data.
The master password of the password manager has the same issue plus the burden of storage.
(Nevermind that you can't change individual passwords or the master password at will with a deterministic scheme.)