It would be. Having the Steam PW means whoever-it-is could also post as that user. They suddenly have possession all the guides, mods, and other community content the user made.
The games would be largely pointless. The vast majority of a games in any account are going to be old. If the person getting the account really wanted those games, they likely would have bought them already. There might be one or two, if the user was buying games right up until death. In most cases, though, I expect the set of games is going to be about as popular as grandma's fine china.
The only real value would be in the inventory items that could be re-sold on the Steam Market. For somebody like me, you would make far more money mowing somebody's lawn than transferring a bunch of cards worth no more than 5 cents each, but other people have things that are worth the time to log in.
P.S.
@ZedClampet - so, when you're gone, we should ask Guido to update your mods?