This was created to stop the brute force attacks of 2013. It does exactly that. If people want to do all sorts of additional things then patience is in order as it’s a free plugin and I have a company to run or use a lessor plugin that does all of those things but doesn’t stop the brute force attacks.
No, none of my 78 clients in my hosting account have registration turned on except one that uses MemberPress with no issues. Registration is a security risk. This is for people who are absolute on security. The next major version will be extensible, so if you want to write an add-on, you can knock yourself out enabling anything else you want.
To quote Abe Lincoln, “You can please some of the people some of the time all of the people some of the time some of the people all of the time but you can never please all of the people all of the time.”