They provide good reasons for doing so [1]. I share your hope that "anything that has decent cryto and is not FAANG" will succeed and I would prefer it to be a federated system but I also see what moxie describes in the article.
Basically federation only works on a lowest common denominator. This means progress is very slow or impossible.
Comparing the current state of the Matrix ecosystem and Signal I find it a lot easier to convince friends and family to join Signal. After all, that is what makes a messenger useful.Anyway I wish both projects the best of luck.
[1] https://signal.org/blog/the-ecosystem-is-moving/
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