I mean, most people don't know their encryption keys. A correct password retrieves the keys from the TPM, the duress pin wipes the TMP so now even a correct password is unable to get any of the data.
Hell, even if you use the same password in multiple locations (you shouldn't) a good service will salt (add a random but consistent jumble of characters for your account specifically) and then hash (weird complicated math that makes it really hard to reverse your password) your salted password then check if that salted hash matches what's on file.