The free quota is for your entire project. So you're allowed 50.000 document reads under the entire project.
Reading 50K user profile documents will indeed use that free quota in one go.
Reading large numbers of documents is in general something you should try to prevent when using NoSQL databases.
The client apps that access Firestore should only read data that they're going to immediately show to the user. And there's no way you'll fit 50K users on a screen.
So more likely you have a case where you're aggregating over the user collection. E.g. things like:
- Count the number of users
- Count the number of users named Frank
- Calculate the average length of the user names
NoSQL databases are usually more limited in their query capabilities than traditional relational databases, because they focus on ensuring read-scalability. You'll frequently do extra work when something is written to the database, if in exchange you can get better performance when reading from the database.
For better performance you'll want to store these aggregation values in the database, and then update them whenever a user profile is written. So you'll have a "userCount", a document with "userCount for each unique username", and a "averageUsernameLength".
For an example of how to run such aggregation queries, see: https://firebase.google.com/docs/firestore/solutions/aggregation. For lower write volumes, you can also consider using Cloud Functions to update the counters.