I think they are saying passwords are salted and we use multiple rounds of hashing to prevent rainbow tables and slow down brute-forcing the password (in case of db leak). We don't need to do that for randomized long strings (like api keys), no one is guessing 32 character random string, so no salt is needed and we don't need multiple rounds of hashing.
alt Hacker News
I think they are saying passwords are salted and we use multiple rounds of hashing to prevent rainbow tables and slow down brute-forcing the password (in case of db leak). We don't need to do that for randomized long strings (like api keys), no one is guessing 32 character random string, so no salt is needed and we don't need multiple rounds of hashing.