It turns out the budget shows the phone number registration problem: the costs to deal with phone number verification seem to be $6MM, which seems to be 10% of the entire budget.
If Signal staff are reading this, I'd gladly pay $100/year for a phone-free solution for all users.
You could even automate the bans by banning anyone who gets blocked by more than two people they sent messages to, which anybody can avoid by not sending messages to people who would block them, and if it happens to someone innocent, it's still only another $10 to reactivate your account.