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Re:Matrix 2.0: How we’re making Matrix go voom by superkuh on Monday February 13, 2023 @03:40PM (#34780089)
I asked around and it seems like you're right about it not being a resource issue (network or computational). The issue is that the bridge is unstable and having tens of thousands of matrix users join/parting all the time disrupts IRC.
Re:Matrix 2.0: How we’re making Matrix go voom by progval on Monday February 13, 2023 @07:10PM (#34783002)
It's also mentioned in Libera's FAQ:

> At our request, the EMS-hosted Libera.Chat bridge regularly prunes idle connections to minimize disruptions to IRC channels during bridge restarts.

-- https://libera.chat/guides/faq#can-i-connect-with-matrix