Good luck having 2 billion people paying you $1 when there are free alternatives.
Unfortunately, the world turned towards 1) freemium, and 2) 'consumer as a product', and it will not be easy to roll back the free chat. But I think it is possible. Make signal survive for 2 years based on donations, or this 1 buck a year/month, and we may be able to have a long term alternative to whatsapp.
BTW, they had just 50 engineers when FB bought them with 450M users (+1M/day) and they supported more devices back then. Just with those costs and the network effect, keeping the subscription model would have meant a solid source of honest revenue.
5% of that is 50 million.