The point of it is that unlike your password, it is auto-generated, long, much more random, and you don’t use it day to day (ideally it’s not even stored on any of your devices, but on paper, printed). This means it won’t be easily stolen by e.g. a keylogger or a phishing attempt.
It’s also a different “factor”. It’s in the “something you have” category, rather than the “something you know”.
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