Quite a few reasons to be concerned. Moxie left Signal and at least one of the new board members has a US government background. The update methods allow issuing a compromised update to targeted users. And while Signal still claims that “in our model, the server knows nothing about users”, for a few years now users’ contacts lists (sweet, sweet metadata nearly as valuable as the messages) have been uploaded to servers, protected only by the notoriously vulnerable Intel SGX technology.

All my trust for Signal went out the window with the cryptocurrency updates.

Besides that it is likely heavily targeted by threat actors and no doubt you have people in NSO group focused on just Signal exfiltration.

Having another app will mean additional labor for nation-states and just not relying on off-the-shelf “press button to hack” software.

Probably the fact that the US Intelligence agencies can't spy on it.