Maimonides's commentary on Avos explains that
when someone has a lot of words he will sin, after all, as it's impossible that among his words won't be one word that's inappropriate to say.
He goes on to list five categories of speech: mitzva speech (like Torah study), forbidden speech (like false testimony), inappropriate but not outright forbidden speech (like idle chatter), high-quality but not mitzva speech (like praising those who do good deeds), and the rest (like what's needed to live and do business, etc.). He writes that the first four categories are obviously to be minimized/maximized: Avos is here telling us to minimize the final category of speech.
The Rav, in his commentary, esplains differently:
and I have not found good for a body but silence — that he hears his insult and is silent.
The Tif'eres Yisrael has different wording in Avos:
and I have not found good for a body from silence.
He explains that this refers to a student, who gains nothing from constant silence. For one thing, people will suspect him of stupidity or of ignoring what the teacher is saying; for another, only through speaking about the subject matter can one understand it properly and remember it.