You're right, my reasoning was wrong. Most of the funds are locked on Phoenix' end of the channel, and they locked even more than I deposited. Makes me wonder how profitable this is for them: it looks like they're just HODLing their funds in open channels, but they can't earn much unless people send and receive many transactions.
But because Phoenix is building an app that wants to give its users a good UX when using the Lightning Network, then they need to accept the opportunity-cost and boot-strap the the network with liquidity from their own wallet. They may currently not earn much today, but given the need for layered privacy and low fees for small transactions, it could help increase the demand for payment channels.