Generally making forms longer means that someone is less likely to complete it. This is especially true on mobile devices.
In this case specifically, we’re already asking for your email address (and you typically confirm your account with it) — so if you typed your password incorrectly you can reset it to your email address. Worst-case is that you typed your email and password wrong, and then your account never becomes “confirmed” and you have to make a new one.
One potential improvement we could make is to have a show/hide password button in the input, to unmask it if someone wants to confirm what they type, but I don’t think we’re running into the issue that often either way.
Some similar opinions out there:
Additionally, you should really use a password generator/manager so you’re not typing them to begin with (but I realize most people won’t).