"Generate Strong Password" suggests to users that this component is capable of generating random passwords in accordance to cryptographic principles.
Unfortunately, this is not the case. This component uses SQL's RAND() function, which does not generate cryptographically secure random bytes.
In simple words: This component generates passwords, which are not hard to guess, but only follow statistical principles of random data.

As long as this is not clearly labelled (or the password generation is replaced by any actual cryptographically random password generation), I cannot recommend the use of this component.