I think a large chunk of this is the tendency in larger Rust projects to split themselves up into smaller library crates, rather than single crate monoliths: single libraries that you use may depend on 5 different crates all from the same project, that count as separate in the number you’ve quoted. On top of that, C bindings tend to live in their own crate, so while you might depend on the openssl crate, it in turn depends on openssl_sys which contains raw bindings (rather than a nice Rust wrapper). That all said, I think crates.io is still at the initial stage of “tiny crates each doing a single thing” that I think every registry goes through to begin with.
https://github.com/rust-lang/docs.rs
Follow the build instructions, then you get to `cargo build` you'll see this message
448 crates for a static site generator!?!?!?! WTF!