Both cases seem worse than using a normal password or a more secure cryptographic key.
If it's more like a barcode or QR code (and JPEG resistant) that actually just encodes the real password, you're still relying on a camera, or the ability to copy-paste image data. This probably runs against the grain with what most users expect. I've never had to use an image file or webcam stream as a password before. I'd probably muddle through; but I'm not sure my mother would.
That said, I wouldn't mind more passwords and one-time-keys especially on printed materials coming as QR codes. Why do I need to type in a 24 character key from a gift card?