Well, he caused this himself in the end, he failed to deliver on the part of secure and private messaging because default chats are insecure and secret chats are a buggy joke. If he delivered in the promise of providing a real secure and private messenger and did real effort to fight against spam, then things mind have turned out differently. Decentralization should also have been part of it.
In the end, he chose for fancy features instead.
Functionality-wise it definitely is, but secure wise no. There’s probably same kind of tracking for profit going on in the background like with WhatsApp and signal. SimpleX is a better alternative privacy and security wise, but it’s still in heavy development