A lot of the GaaS Companies are closer to 1000 people, the fact is GaaS needs enough people to run the game then to produce content updates, events cosmetics and then the marketing and community engagement. I have no doubt that it would be possible to run Zwift with less people then they have/had, but htey also did some Hardware development that didn’t pan out.
And here is the reason the thing is free and run on a shoestring budget, the hope that one of the big players will pick it up, probably not the best environment currently for that to happen… but if you want to make it sustainable you will need to charge a monthly fee or hope that you can make a predatory MTX model work. (unless you are the UAE and do it part of your sportwashing and have money to burn.