Apart from Signal just generally doing a good job here, I see a few other possible factors:
* Signal doesn't see user content, so it doesn't have a content moderation team
* Signal is designed in such a way that it can't comply with most kinds of legal requests for user data, so it doesn't need a large team responding to those requests
* Signal gets some amount of pro-bono legal help, so it might not have as large an in-house legal team as other organizations
* Signal isn't trying to directly profit from user activity, so it doesn't need to study user activity or engagement metrics with a view towards profiting from them; similarly, it doesn't need to manage relationships with advertisers
* Similarly, it doesn't need to try hard to grow its user base (that would be desirable, but it doesn't necessarily increase revenue much)
* Similarly, it probably doesn't need to try hard to expand into other business areas
(I think these things are generally great. Yay Signal!)
There’s also an element of large companies working on many different things, and the more you silo projects the more people you need because many projects end up duplicating work.
You also don’t necessarily see the output of teams at large companies, potentially for years, so you see large numbers of people working but there’s no external/publicly visible product.
But then you also have “we’re successful right now so let’s pretend that the current growth rate will continue forever and hire accordingly” which is mismanagement that eventually needs to be corrected.