Most common passwords are already part of dictionary password attacks. Things like baseball, qwerty, password1, etc. Now that all of these passwords are public domain, they can be included in future similar attacks.
Which means if Bob used to always use superduper007 as a password for steam (example only), was compromised and on this list, you can expect that if Sue, John, or anyone else uses superduper007 as their password, that it'll easily be cracked in any dictionary attack, even if superduper007 was a super complex and unobvious password, and even if superduper007 was some kind of password that was complete gibberish... and in no way or part included any real meaningful words in any language.
There's an active directory file that if stolen, or handed over, that the bad guys can run all the processing power they want against it to check for what any users of that domain might be using for passwords. And without the restrictions that usually come from trying to login locally on that domain or through the usual remote login, something like "3 tries and you're locked out" goes out the window, they can try as hard as they care to try unhindered while in possession of such a file.
If I glance an article I've got open at the moment, I see a password that was 9 characters in length that by a brute force attack, would have taken roughly 4 years to break back in 2000. In 2016, that same password would take almost 3 months. I don't know what type of hardware they used for their figures, if they used any at all, but the point is to show how advances in technology have weakened passwords over the years.
As time continues on, and password lists are disclosed and processing power becomes more powerful, you can expect that darn near any password less than 12 to 14 characters in length will not be remotely classified as safe. I mean, there's a pretty sizeable amount of safety in most fairly complex passwords as long as the attacker is using the same methods you'd usually use to login because of rules like "3 times and you're locked out". It's not particularly practical for hackers to use that approach, though... and the big hackers likely won't even bother with that method. They want those big encrypted password files/databases where they can run their dictionary or brute force methods against the file all day long on their local machine... without having to even go over a network for each password attempt.
2 factor login will increase in popularity as a result: Logins that require you to enter a silly pass phrase or set of numbers that will be texted to your phone (you would have provided/setup the phone number before hand), or some kind of app that produces a code to be entered, etc.