Sure, but that assumes you have hashes for all the passwords you want to check. It will work for stupidly obvious ones like 'password' but not for a large enough set to be useful. Which is why password crackers start with a dictionary and modify it in increasingly complex ways.
I'm kind of puzzled by the downvotes actually. People are welcome to their opinion, but I didn't expect to get such a consistent level of disapproval for basically asserting that passwords shouldn't be stored in an accessible form.
Can someone explain what was so offensive ?