There's so many ways that hackers can inject malicious code into software that it's really not a simple task to verify an open source software. A good example is a failed attempt to backdoor Linux kernel by changing a single character to introduce a privilege escalation bug - and it failed because it was done as a commit. If someone was reviewing the whole repo from scratch, it would be easy to overlook it.
There are also techniques for code obfuscation which would allow hackers to hide malicious code from searching for potentially dangerous code, like using file system, internet connection, etc.
If reviewing code was so easy, software development companies wouldn't have to hire as many programmers.