That plus security through obscurity: no one is presuming you're going to come out of a Dropbox hack with millions of password vaults. Even finding them would be... nightmarish. (Though I suppose you could somehow hack a Dropbox file index database?) The value of a target like LastPass is absolutely insanely high: it's a concentrated honeypot of encrypted vaults.
Plus, the Android app makes using a Dropbox synced folder location fairly trivial, so that works pretty well. And you can set your own number of password rotations, which, while annoying when it takes my phone 5-10 seconds to unlock, realllllllly helps ensure no one else is going to crack this vault if they ever got it.