Reason: You still have to type it sometimes. Like on a device you don't have the password manager on. That makes it really annoying. And because it's only used on one site it doesn't really matter how long it is. If a hacker gets hold of the password file they already own that site anyway. Doesn't really matter whether they can bruteforce the hash. It won't give them more access than they already have.
I do agree with the horcrux thing though.. Really important passwords I only store on paper and I already add a memorised thing to them. But be aware it's not perfect either. A compromised endpoint could have a keylogger installed. Totally passwordless with Fido2 for example would be even better.