Single username isn't privileged data. But a set of usernames and realnames can be. It's better to lose a pendrive with encrypted block256.dat than Passwords\HackerNews\dfcsd.gpg, Passwords\Bank\34457356.gpg, Passwords\Mail\name.gmail.gpg etc.
It stores entries names in plaintext? Not very secure. I'll rather have log.tmp file container (with all encrypted passwords inside) than passwords\gmail.gpg