One can agree that rotation is good in theory and bad/annoying in practice (due to laziness). We can only argue about how much of an impact it makes, but it certainly does not reduce the security.
We all deal with "password rotation" in real life and it's inescapable: credit cards expire. And to be fair I'm perfectly fine with that because I know a leak from 10 years ago can no longer affect me. I almost wish they expired earlier.