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Privacy is Priceless, but Signal is Expensive
(signal.org)
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Funnily enough their biggest expense (sending SMS during registration) is making the accounts less private.
I imagine not paying for it and being overloaded with spam bots would be more expensive (otherwise they wouldn't be doing it this way!)
There are lots of reasons to want fewer spam bots and verified identities other than cost.
Privacy and anonymity are not the same thing.
Anonymity is a form of privacy. While for most people it's not necessary to be anonymous to have privacy, it's essential in some cases, like whistleblowers or people living under dictatorships (or even in some democracies where governments keeps trying to get their paws on all metadata).