Two products that barely overlap
Fastmail is a finished consumer product. There are apps for both phones, a calendar, contacts, Masked Email, and a company that has been running mail since before most of its competitors existed. If you spend hours a day in email, that polish is the product and it is worth paying for.
Migadu is closer to infrastructure. It gives you unlimited mailboxes and unlimited domains for one flat price and expects you to bring your own client — the web interface is functional rather than delightful, and there is no calendar. What you get instead is that adding an address costs nothing, so `careers@`, `invoices@` and a mailbox for the accountant stop being budget decisions.
A useful way to tell which you are: if the thought of setting up a mail client on a new phone is annoying, buy Fastmail. If the thought of asking permission before creating a mailbox is annoying, buy Migadu.