Before laughing at how stupid this is, remember that your debit card is secured by a password that consists of exactly four decimal digits. I really wonder when this is finally going to change, but I hear some futuristic banks allow up to six digits already.
Mine is 10 digits. I thought the 4 digit limit was just a societal assumption? (I'm being serious, I thought it was (near) universally allowed to be longer, people just didn't bother.) Is this not the case?
Also, there is a practical requirement to have it short; as physical merchants value quick processing, and having to type&re-type long passwords delays other people behind you - so they want long PINs to be unpopular.