Yes, that is true. But when the device “just works” in its default configuration, the user never needs to login and the default password remains blank.
Then the hacker can just login and set a password, and abuse the device. With the added problem that the owner himself now no longer can login, should he want to do that later (e.g. because their ISP advised them that their router has been hacked and is used for DDoS).
So the real solution is to have a unique password per device. And it should be randomly generated and not e.g. derived from the MAC address using a “complicated secret function”, because sooner or later the hackers will reverse engineer the function and publish it. Happened for many routers that tried to go that way!
(of course that still is more secure than no password at all, e.g. when attacking the device from internet you normally do not know its MAC address. but when attacking from WiFi you do know it)