Because Signal would be better than the PGP theater. In practice, though, it doesn't matter; people are just going to use plain old email no matter what. They're not going to encrypt their findings to you.
Anecdote about said startups: in 2y of the one big bounty that did have a PGP key, we got one PGPd report, and it was “session takeover”: if I copy the cookie out of Burp and into a new Incognito session, I will be logged in. Bounty plz?
We also got super clever reports on that same bounty program. They just sent email.
Maybe all PGP users are morons, that's beside the point. My point is that if someone recommends something but doesn't follow their own recommendation, it is most likely that the recommendation is not well thought-out and can be ignored. In this case the recommendation to use Signal looks more like a refutation of the point brought up by PGP advocates and not something that anyone would actually do.
That’s a fair criticism and I will happily admit that’s what it should say: that all PGP users are morons. (Just kidding. You’re right re: bug bounty advice.)