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The following documentation comment has been logged on the website:

Page: https://www.postgresql.org/docs/11/sql-alterrole.html
Description:

When creating a role with no password, or altering a role to remove its
password, the ENCRYPTED clause must not be present.
The current synopsis for CREATE / ALTER ROLE give one of the allowed options
as:
[ ENCRYPTED ] PASSWORD 'password'
and the current documentation for CREATE ROLE says:
"The ENCRYPTED keyword has no effect, but is accepted for backwards
compatibility."

I think it might be worth explicitly specifying the password-blanking form
for both commands as a new option in their synopses, e.g.:

"
CREATE ROLE name [ [ WITH ] option [ ... ] ]

where option can be:

      SUPERUSER | NOSUPERUSER
    | CREATEDB | NOCREATEDB
    ...
    | [ ENCRYPTED ] PASSWORD 'password' | PASSWORD NULL
    ...
"

Also, there is inconsistency of quoting of 'password' in the synopsis for
CREATE/ALTER ROLE (has quotes) vs. their respective parameters sections (no
quotes).