I’m conflicted. On one hand I’m grateful for the years of trustworthy (and pay-what-you-want) password management. On the other this feels like an attempt to EEE the free version.

That's my concern as well. I have no problem with the current license change if they continue to publish all the code as they claim. My concern is that this is usually step 1 in a boil-the-frog strategy to eventually split and break off enterprise features. I'll give them some trust until they give me a reason not to (I think they've earned it), but the concern remains.