Does not sound good to me, for the reasons that others have mentioned. But just to be clear: if a big cloud provider uses their software to make money, that's great. That's the point of a non-restrictive license.

Yet now Elastic isn't content with competing in the market with its own managed offering (ironic because their offering is way better than AWS' anyway). Instead, they want to call themselves open source while switching to a proprietary license. Shameful.