Someone on Reddit asked if "pw" is a good enough password for a local system account.
This is where knowing your threat model and adversary is important.
If your adversary is your cat walking across your keyboard, then it's probably fine.
If your adversary is a roommate that you don't fully trust, then probably not.
If it's on a desktop computer that sits permanently on the floor, see above.
If it's a laptop that frequently travels between home and work, maybe not.