This is an old, old interpretation, and it is correct. You can't base law on a sliding scale like entropy. The value of the password is symbolic, not that it's easy or difficult - anything beyond a password is clearly private.
I don't love metaphors very much, but doing anything other than that opens the door to absurd defenses like "your honor, he left his wallet on the table when he went to the bathroom, it's obvious anybody can legally pick it up". Not to mention a cop favorite which is unfortunately in use: if you dare report a robbery, they'll fine you for not having your security system up to date. Yes, it's a thing. Does wonders for their closure rates.
It's not the height of the fence that makes it theft - it's that there is a fence at all.
I don't love metaphors very much, but doing anything other than that opens the door to absurd defenses like "your honor, he left his wallet on the table when he went to the bathroom, it's obvious anybody can legally pick it up". Not to mention a cop favorite which is unfortunately in use: if you dare report a robbery, they'll fine you for not having your security system up to date. Yes, it's a thing. Does wonders for their closure rates.
It's not the height of the fence that makes it theft - it's that there is a fence at all.