Nice plugin, except it does not work for non-english sites.
I was able to get this to work w/o the plugin by placing the following in the functions.php file:

//remove the bio
function remove_plain_bio($buffer) {
	$titles = array('#<h3>'._x('About Yourself').'</h3>#','#<h3>'._x('About the user').'</h3>#');
	$buffer=preg_replace($titles,'<h3>'._x('Password').'</h3>',$buffer,1);
	$biotable='#<h3>'._x('Password').'</h3>.+?<table.+?/tr>#s';
	$buffer=preg_replace($biotable,'<h3>'._x('Password').'</h3> <table class="form-table">',$buffer,1);
	return $buffer;
}
function profile_admin_buffer_start() { ob_start("remove_plain_bio"); }
function profile_admin_buffer_end() { ob_end_flush(); }
add_action('admin_head', 'profile_admin_buffer_start');
add_action('admin_footer', 'profile_admin_buffer_end');