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I’ve always used Keychain so it felt a natural step to use the Passwords app. It works fine for me despite not being feature rich.

I also use Strongbox for just about everything (I won’t put bank details etc into Passwords app) and keep local copies regularly and sensibly backed up. I’d toyed with the idea of keeping copies of Strongbox in iCloud but couldn’t convince myself to do it.

We’re all aware that stolen iPhones is a big issue, at least in the UK, particularly in London, and it concerns me what information could be gained access to. I’m certain though that a lot of issues which arise from a phone being stolen are due to passcodes being shared with banking apps and people putting sensitive information into the Notes app (same PIN as main passcode!). It’s well known that thieves will watch someone enter a passcode and then snatch.
 
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