A single person can develop and release extremely high quality software, and as long as it meets the needs of the users (it's not missing a lot of features that a taking a long time to deliver), a single person in absolute control and writing all the code is probably a benefit in keeping it high quality and with less bugs.
It may not follow that the same can be said a few years from now, or even a few months from now, since the bus factor of that project is one, and if "bus events" includes "I don't want to work on that anymore but nobody else knows it well at all" then for some users that's a problem (and for others not so much).
On situation isn't necessarily better or worse than the other (and it's probably something in-between anyway), it really just depends on the project and the audience it's intended for. That audience might be somewhat self-selected by the style of development though.