In exchange for being able to check what the charge is on our car - basically, whether it's time to leave coffee shop - I get one of the most information-stealing, asks too-many-privileges apps on my phone. And it's quite hard to do without it with an electric car. Looking at you, Ford, although I understand all manufacturers do the same.
MFAA and a password in exchange for eg. an OAuth token so that you can manage the devices on your account, and then use your phone's usual security to control access to the app, would be one thing. But this looks more like the security team has made some demands, and the developers have implemented it in the laziest, MVP-compliant, way that they can.