TPM is a dedicated chip or firmware enabling hardware-level security, housing encryption keys, certificates, passwords, and sensitive data, “and shielding them from unauthorized access,” Microsoft senior product manager Steven Hosking wrote last month, declaring TPM 2.0 to be “a non-negotiable standard for the future of Windows.”
But that isn’t what he said. He said that MS encrypts your data without a password. That is not true.
You’re wrong. This can occur when setting up some OEM systems without a Microsoft account or password. Here is a SuperUser post where someone is asking how to deliberately put a disk back into this state. I have personally run into this.