After you type in your user name, getty takes it and calls the login program telling it your user name. The getty process is replaced by the login process. The login process asks for your password, checks it and starts whatever process is specified in your password file. This process is often the bash shell. If so, bash starts and replaces the login process. Note that one process replaces another and that the bash shell process originally started as the getty process. The implications of this will be explained below.
Now in the /etc/inittab file getty is supposed to respawn (restart) if killed. It says so on the line that calls getty. But if the bash shell (or the login process) is killed, getty respawns (restarts). Why? Well, both the login process and bash are replacements for getty and inherit the signal connections establish by their predecessors. In fact if you observe the details you will notice that the replacement process will have the same process ID as the original process. Thus bash is sort of getty in disguise with the same process ID number. If bash is killed it is just like getty was killed (even though getty isn't running anymore). This results in getty respawning.
When one logs out, all the processes on that serial port are killed including the bash shell. This may also happen (if enabled) if a hangup signal is sent to the serial port by a drop of DCD voltage by the modem. Either the logout or drop in DCD will result in getty respawning. One may force getty to respawn by manually killing bash (or login) either by hitting the k key, etc. while in "top" or with the "kill" command. You will likely need to kill it with signal 9 (which can't be ignored).