Wallet is using an obsolete password policy

[fmarier]

Wallet currently requires the following password policy:

which is not in line with the latest password policy guidelines from NIST.

In particular, the following changes should be made:

• minimum length must be 8 characters
• different character types should not be required

(Also see https://auth0.com/blog/dont-pass-on-the-new-nist-password-guidelines/ for an explanation of the changes in NIST recommendations.)

[srirambv]

Verified as part of #22591 (comment)