It's nice to offer social logins as they minimize the friction of signing up, but by doing so the site doesn't collect a password from the member.

This can be problematic if the social media site goes down or the site loses access to the API.  If a member can't login they could very well not return.

Accounts created via social logins have the password field unavailable to set. This field only becomes available if a member clicks on the "Forget your password" as shown below, after they have created their account.  

I'm looking to see if there is some setting that I could enabled to prompt for a password as part of the initial account creation so I can gather passwords for everyone.

There is no setting at this time for users to be able to set a password during sign up when using a social media provider. As you mentioned, they would need to use the password reset tool to accomplish this if they so desire.