Agreed that no system removes all possible failure points. The goal is to reduce failure points to the minimum that is acceptable for each situation. Passwords are not a good means of securing anything, and they haven't been for years. While specific individuals may feel comfortable that they are using sufficiently complex passwords, changing them often enough and using each password in only one place, that doesn't describe the vast majority of the population.
The text coming to me might get copied by a Stingray type of device, but someone would still need my password at the same point in time. The code expires within a minute or so, so timing is critical.
The advantage of multifactor authentication is that at least two avenues must be compromised at the same time in order to gain access. It's not going to protect 100%, but it certainly reduces the likelihood of a breach down to considerably less than 1%. If someone doesn't have a smartphone and can't use an authenticator app, then SMS is the option. It may not be hack-proof, but it certainly makes the job a lot harder for someone to get unauthorized access.