That is one-factor authentication, not two-factor. You're right to be angry.

Proper 2FA is fine. I sign into a secure site, like my bank account; I get a notification on my phone and use that key on my machine.

That would mean that someone can't use just my computer at home, which I might have left on, or just my phone, and steal my money.

I note that nearly all "2FA" on a phone is actually 1FA. And losing a phone is easy. Mine is protected with a password symbol, but who knows how secure that is?

You're right to complain, but 2FA, if it really is 2, is a good idea.