Why not openthread? It's already there, it's open source, and from my somewhat limited experience, works well.
In contrast, the Bluetooth SIG only requires a fee to be paid when you actually ship, as a once off not a yearly fee. The cost is roughly similar.
[1] https://www.threadgroup.org/ThreadSpec [2] https://news.ycombinator.com/item?id=21825822
On the surface this "appears" very similar.
EDIT: Yes I'm aware the software layer is different, I was inferring the radios are the same.
Yes the software layer is different.