To elaborate, if you consider the ft8 band to be 2kHz wide, that is 40 50Hz bands. The decoder can discriminate between signals much closer, I.e. overlapping. A 10Hz step can accommodate 200 signals.
Now factor in people transmitting 'over' others signals because they cannot hear them. If there are only 40 slots, this is more likely. It is highly unlikely two signals will exactly overlay each other, allowing the decoder to decode both.
The elephant in the room is the strong local station of the one over-modulating which can overwhelm your receive path.