Assume that it's ok to see the password if I am an Admin.
Assume that someone other than has the admin has stolen the user database files (00000xxx.cgi)
Assume that there is a way for the admin to set a PGP key (or whatever other customizable encryption method which only the admin knows)
Assume that the user passwords are encrypt in this way.
Then
The guy who stole the user database files cannot know the password.
Just for safety reason...