They started out well. When the first wave hit, they took measures to protect their drivers. They taped off the front of the bus and made passengers go in and out in the back, holding up their bus card, easily keeping the 2m distance.
Then they decided they really would like their passengers to die. Instead of implementing any of the social distancing measures other bus companies around the world have been doing (taping off seats, deploying more buses during rush hour), they decided to cut the service. The only motivation was to use the crisis to cut costs, public safety be damned.
People using the public transport in Iceland are mainly blue collar, low income and essential workers, those who cannot work from home (cleaning staff, kitchen staff, hospital staff etc). With fewer buses running every hour, buses were more crowded. There was no mask requirement in the first wave.
In the second wave Strætó got an exception to requiring masks (usually if it is not possible to keep the 2m rule, masks are required). They went back and forth on whether they want to make masks mandatory anyway, until they came up with the rule that you are only supposed to wear a mask if your travelling time is more than 30 min. Because that is not complicated and confusing at all. They also decided that they do not actually care about the safety of their drivers, not requiring them to wear masks either and having people enter from the front, breathing in their drivers faces. Probably because people were using the measures from the first wave to use expired bus cards and we are all welcome to die to make sure Strætó makes a profit.