How is this not "use the same password on every site" but with extra steps?

Seems like the "Spectre secret" is a massive risk given that compromising it once without detection would compromise EVERY PASSSWORD THAT USER USES, even ones that didn't exist when the secret was stolen.

Followup question: how does Spectre plan to prevent malicious SEO-squatting like we already see in the cryptocurrency space? If this was used widely, I'd assume that the search results for "compute Spectre password" would be 100% stuffed with sites that capture the secret...