Earlier quoted context omitted.
It does work . Security is about far more than preventing determined, malicious attackers. It is also about being able to use your computer in a work or family environment with a reasonable expectation that your privacy will be maintained without explicit effort on your part. You call them "attackers" but that is not who we are discussing. We are talking about people being able to casually browse your saved passwords…
I'm sorry, but I feel like I've had this pointless, silly debate my whole career, starting with comp.security.unix, continuing through my brief time working with OpenBSD and 90's Bugtraq, and through about a decade of helping startups with software security, and I've lost a lot of my patience for it. Security is measured in dollars; it is about the cost you confront your adversary with. Chrome has sunk many millions…
Chrome lowers the barrier and makes access casual where other systems require a stronger level of intent. That's the problem. I have no idea why you are defending this behaviour.