My best guess is that a part of it is replacing US (or in this case Israeli) devs with much cheaper Italian/European ones, earning ~a quarter of their US counterparts and working longer hours, as Bending Spoons has an extremely competitive hiring process, and is probably the highest paying tech company in Italy
AFAIK that's what they offer to juniors straight out of university and usually even give a substantial pay rise after the first year. I don't know other places in Italy that can match that.