Magic Link Login — the best way to authenticate?

I’m curious why this isn’t more widespread among web or mobile products. We use our email when we forget our password, anyway. Trusting multiple businesses with your password is gambling depending on their level of security.

Wouldn’t the easiest and most secure way to authenticate users be a magic link or OAuth? (OAuth is still bound to a different company with your password, though).

Are there any shortcomings to the magic link approach?

cybersecurity link login magic