If you just have a username and password, what do you do for account recovery after a forgotten password? If not an email address, would a cell phone number be any better?
For accounts that really matter (not throwaways), someone needs to know a fair bit about the user's identity to ensure recovery works. It can be delegated (and probably should be), but that moves the identity problem rather than eliminating it.
Maybe someday we'll all have two Yubikeys (one for backup) and register with each website using them, but that's not how things work today for most users.