Keys. That are approximately equivalent to long passwords, but have a standard length, and do not need sending through the network. They are also something you have, that can be protected by a password for 2FA.
But that just won't happen. So many sites can not even accept big passwords, they won't all migrating to any sane schema.
Biometrics are good replacements for usernames, but not for passwords. Biometrics can't be changed in the event of a breach, and can be taken from you surreptitiously or by force.
They can be fooled now, but that is an implementation flaw, not a problem with the concept. I wouldn't cite the weakness of unsalted MD5 hashes as a problem with the concept of passwords.
I agree with your assessment of what biometrics can and cannot do. That is why I specifically said that in most situations, passwords are only used to verify someone's identity, and thus can be replaced with biometrics.