WhatsApp getting ads is great news! WhatsApp, and any other meta/facebook/for-profit-social-network will never be a good product. Therefore, the second best alternative is for it to be as bad as possible, so people finally change to worthy alternatives.
What is the alternative here? Don't know, perhaps Signal, though the devs are not welcoming at all. The UI is absolute shit. Looks like UI for old people, huge margins and empty space. My screen fits like 3 chats. A compact theme would take a few hours to create and vastly improve the product, but ya..
It seems to be device specific. On my device, WhatsApp fits 2 more chats. I hate meta/insta/fb/etc, but WhatsApp just looks considerably better than Signal. Signal, as I said earlier, just has huge margins and padding. It looks ugly.
Like you, I also want my messenger app to show conversations. Sadly, Signal shows more empty space than conversations. It really needs a compact UI. I invited several friends to Signal and they all left because it looks bad. I know it sounds like nitpicking, but UI/UX IS extremely important. Making the claim "meh, it looks fine" and ignoring people's perspective is not the way to run an app that is dependent on the number of users, like signal is. If I don't have anyone with whom to chat, the app is useless. It needs userbase.