You are not wrong but in most cases this is a trojan horse. It has the characteristics of a classic rugpullware.

At the top level looks like open source but it is not really because parts (the most useful ones) of the project are not. Imagine if python was open source but the core libraries where not. You wont call this open source in the true spirit of open source. You could make the argument that at least it is sustainable because they a have now a business model. It doesn't add up.

I prefer more of a honest take on software. There is nothing wrong to make money while contributing back to the community in some meaningful way or by simply being transparent. In fact this is the best kind and there are plenty of good examples.

All I am saying is that when I see such projects I tend to think that in most cases they are dishonest to themselves or their communities or both.