This is an interesting question. It really depends on what you are using this JWT for and what your expected benefits are. Could you add a bit more detail?
The first thing that comes to mind for me is that JWTs allow you to store data with the token and verify it so that you don't have to look that data up in a database. But using a user's password hash (well, I presume you mean the the hash of their password as you should not be storing the password in plain text) means you need to look up the user record to retrieve that hash and verify the token.
One other side effect that comes to mind is that any user that updates their password will instantly invalidate any JWT signed with the old one. This may sign your user out across all open sessions, which could be a desirable effect, but worth considering.