[Plugin: Semisecure Login Reimagined] Kind of pointless

I think you’re missing the point. For me, the attraction is the ability to encrypt my password on the client-side, without SSL, for those occasions when I need to login to my WP site via an unsecured network. As it says on the FAQ for the plugin:

The point of this is to prevent your password from being transmitted in the “clear.” If someone is in a position where they can learn your session ID, under normal circumstances, they’d also be able to learn your password. The proper use of this plugin removes that possibility.