Everything we do in life relies on a trust system more or less. Reproducible build only guarantees integrity, not the trustworthiness of the code.
> There is no way for anyone to know what all this code is doing, there is little way to verify updates and its simply untenable.
Because few people have time to read source code. Take Django as an example. Big community, lots of contributors. Can we say we should trust the code because the number of eyes? Probably, but not always.
Why? We can overlook and pretend the code is legitmate. Take Linux kernel or some of the crypto projects out there. A lot of unreadable old tricks made backdoor really easy. [1] is interesting because someone apparently made an authorized changeset to BitKeeper. Are you going to read JRE code to make sure no backdoor? Nah.
Is there a solution? Nope and will never have a solution. The best one can do is using a DVCS to prevent unathorized changeset (provided every contributor does a sanity check for pulling in changeset) and trust the community. No machine can distinugish a good code from a bad code. Humans can't even tell unless raising a red flag.
Sometimes change of project ownership can also introduce some uncertainty, but that is a rare case for major projects.
I am pretty confident there are code in the Linux kernel no one has ever touched or ever read for years.
[1]: https://freedom-to-tinker.com/2013/10/09/the-linux-backdoor-...