We determine how much we trust a piece of software based on countless different social/technical factors. Being open-source is definitely a positive trust factor, but some people may place more weight on other factors such as pedigree of the developers, availability of corporate backing/funding (guaranteed continued development/support), or maturity/stability of the software itself.
I personally consider being open-source paramount when it comes to security/privacy software (and am one of those people who tend to dismiss anything privacy/security related that's not open-source, although I don't usually feel the urge to broadcast my dismissal to the world), but I respect that other people may not share the same set of priorities.
A more precise way to state my preferences:
I trust _crypto_ from Microsoft, Apple, or (especially) Google more than I trust _crypto_ from a developer I've never heard of before. I do not as a rule trust rando closed-source projects.