Even if there is no direct audit of the code, once a vulnerability is discovered it can be traced back to the person(s) who introduced it.
With a closed system, only the owner of the source code history can do that. With open source, any person in the world can, and can start a discussion to understand whether it was malicious or not, if the person(s) should be banned from pushing code, new code security standards to be adopted, etc. You lean on the world's expertise at that point.
Bad things happen. It's important to have the ability to understand why and mitigate for the future.