That's what makes Bcrypt so great. Smashing through a dictionary against a compromised database is painful, and you can make it even more painful by cranking up the difficulty factor. It's very resistant against brute force attacks.
HMAC is meant for other things, like signing, where you're not dealing with brute-force attacks, where instead performance, authentication and verification are what matters. It's not in any way intended for, nor suitable to use as a password hash.
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