Isn't this just another way of collecting personal information?
Basically yes. Put in your full name and the script can now go and search for your full name on various sites, find out your email address, go on Google and find the password unhashed in one of the many password files out there. Do the same for online banking although it doesn't need to as most people use the same password for everything. If people used maiden names too, that's extra details to use to find out information. Address, phone numbers, date of birth, information on Facebook like photos to use for fake ID. Could easily find credit card numbers too from one of the numerous files on the dark web with just a name.
Fraudsters and thieves don't need to be smart anymore. It's very easy, it's all in a Google search.