They need to do that to back up the emails. The product may not be something you are interested in, but it doesn't mean the execution is flawed.
> Yes, they store that actual password. Which is ridiculous.
They have to in order to retrieve the emails. Blame the standards!
> Yes, good for them for that, but still there are others where they store passwords. And that is not acceptable.
See above
> But that also means that they outsource the security part of things.
> Which doesn't lend faith to the idea that they know about security.
> And if someone realises how to control their application, all the passwords will be hacked.
This isn't something with a black and white answer and I respect your opinion on this. I personally feel that they may know plenty about security and have decided that this is the most secure option. For example, I wouldn't write my own crypto, because I know enough about security to know how hard it is to do right.