The plugin is transitioning from sending a new password to sending the user a link to set a new password. The email content you have there looks like you may have had the plugin installed before this shift (i.e. pre-3.4.x)?
Here’s the key info from the release announcement:
`In 3.3, a new password reset process was introduced as a new feature option. When that was included, it was announced that this would eventually become the standard process. With that announcement, I indicated that the switch would be 3.4.0, with the old password reset process remaining as an option until 3.5.0 for users who may need more time to switch over.
For users who have enabled the new process, you don’t need to do anything. For those that have not, you do have some steps to take care of before 3.5.0 comes out. You will need to disable the legacy password reset option under the WP-Members Options > New Feature Settings.
Note that for existing installs, the emails are untouched during the upgrade process. If you have not switched over to the new method for each of these emails, you will probably want to customize the email appropriately. New (clean) installs where no WP-Members settings exist have new default email content that fits the new defaults.
You have until plugin version 3.5.0 to fully switch over to the new process at which time the plugin will no longer support the legacy password reset.`
The fact that you only have the end of the reset link (just the query string) would indicate that you do not have a user profile page set up. You’ll need to have that in order for the password reset to work. Create a page for users to manage their profile using the [wpmem_profile] shortcode. Then set this page location in the plugin’s main options for “User Profile Page” (See: https://rocketgeek.com/plugins/wp-members/docs/plugin-settings/options/#pages).
That will resolve your link problem. You can edit the email content in the Emails tab so that it properly guides the user as to the process (i.e. as noted above, passwords are not sent – it’s a link they need to follow to set a new password or ignore if it was a mistake).