Yes, with the new External Identity feature, you can allow login with an email address + verification code or a mobile phone number + verification code, so that a password is no longer needed.
From the Discoverable Login Page section of the document:
If you want users to log in with another identifier than their
username, such as a phone number or email address, use the Login
Discovery Page. After the user enters the identifier, the process
sends a verification code to the user’s email address or mobile
device. If the user enters the code on the generated Verify page
correctly, the user is logged in to your community. Login Discovery
supports identity verification via email address and phone number. You
can support custom identifiers, such as an employee number or
federation ID, in Apex.
Note that if you want to use the moble phone + verification code process, you must also purchase an add-on license to cover all the SMS messaging that Salesforce will do. This is the Identity Verification Message Credit.
Salesforce has a new usage-based entitlement license that tracks SMS
messaging for identity verification. This add-on license is available
with all external user licenses. It enables Communities and External
Identity customers to send text messages to their users for identity
Who: You purchase a license for Identity Verification Credits, which
allows your org a predetermined number of SMS messages for identity
verification. For exact limits, contact your Salesforce account rep.