Many projects start as someone's project, but become bigger than the one person.
If they keep it as one person's project, that's clear.
If there are other contributors, that's less clear.
If the project has a formal organization with governance, it's not the person's project. They might be grandparented in, like a vestige of a past monarchy, but the governance will evolve, to elections. The royalty will be kept for the tourism dollars.
A great reason for NOT having a formal organization with governance
Not true at all. They have copyright to any code/docs they contribute. Things like CLAs distory this legal reality by forcing you to relinquish your rights and enabling BDFLs to act as if they personally wrote all outside code.
To say nothing of norms of social reciprocity...