Those 70k wouldn't all be on the same channel. Even at a small company you might want to have distinct channels with different purposes - maybe #sales, #sw-engineering, #announcements. A 70k-person company might have a few large channels but most of the activity would take place in much more focused channels, of which there would be thousands or tens of thousands. A software team of a dozen people might have their own channel, for example. (Actually, in my experience we had several for distinct purposes.)
(and of course yes, there can also be big general-purpose channels with a lower signal-to-noise ratio)