Except in this case there are no IV or nonce involved and every key derivation is perfectly replayable.
Let's pause for a second and think what is the point of using password managers - I take it as a means to allow each account to have unique passwords that the leak of any of them won't lead to more account breaches. The method being shown here does nothing in this aspect as every password is effectively the same master password hashed with a known salt. One might argue that a costly derivation path could make bruteforcing impractical but it doesn't help with the fact that the concept is unsound from the beginning.
Let's pause for a second and think what is the point of using password managers - I take it as a means to allow each account to have unique passwords that the leak of any of them won't lead to more account breaches. The method being shown here does nothing in this aspect as every password is effectively the same master password hashed with a known salt. One might argue that a costly derivation path could make bruteforcing impractical but it doesn't help with the fact that the concept is unsound from the beginning.