It's a security theater not only because someone broke it, but also because you can always just look at which IPs talk to which IPs. Even Tor has issues with preventing traffic analysis, except with Signal you can observe (or trust) a single party (instead of the guard and exit nodes) to get the data.

It's more of a trust thing than something you can technically solve while still having features like real-time calling. Hence Facebook being objectionable despite having encryption.