Magic link only is the wirst kind of login systems. However, I don’t know any big real companies that use this.
If you don’t like passwords, just use passkeys.

Wasn’t passkeys basically “passwords, but Google has control of them”?

dont think so. what i gatherd passkeys is a public/private key scheme, much like pubkey auth in ssh logins.

Its still just a single factor if some body steals your private key.