> I mean if i really didnt remember my password then my keychain data would have been gone without which lot of work related info would have been hard to recover.

It is reasonable to expect that having a password it is used to protect the data. A passwordless account does not protect or encrypt data.

Windows by comparison does the same for credential storage. If you forget account password and go your way to reset password, you will lose access to existing encrypted credential store (a keychain).