And your point? You need your password and the time based code from the authenticator app to authenticate. The authentication is done on Google's servers not the 3rd party app. Time based rolling codes have been the standard for many years as it is very hard to break. And Google provides you with an interface for removing authentication for any app you give access to.
Bold for emphasis.
That is the problem. If your google authentication is compromised, your other accounts at Lastpass, Dropbox, etc. are all susceptible to be compromised. The more that is added that the app could do = how many that could also be compromised. So in this case, grabbing one single password leaves you open for compromise and identity theft for each and every site you visit that you use this app on.
That's a huge risk.
BL.