No, actually it does. The authentication token that the secure wifi protocol uses depends on both the SSID and password. Hackers have precomputed tables with tokens for common SSID/password combinations. If you have an obscure SSID, sure, they can see it, but it's not on their precomuputed table and they would have to (possibly write code) to try it against (a big number) of possible passwords.
Google "wifi rainbow table" for more info.
Think your SSID can't be discovered? Check out what your phone is broadcasting about you (published three months ago)...