Matrix the protocol is fully open source. Element the matrix client is fully open source. Synapse the matrix server is fully open source. Dendrite, the next generation matrix server, is fully open source.
All of these are developed by the New Vector team. The only thing here that isn't open source is an external bridge to microsoft teams, a platform that itself is already closed source.
In this case, "open core" would probably look like the Matrix team closing the Element client and Dendrite homeserver, and then extending them with closed matrix event types.
Honestly, they could probably pull it off, but I doubt they want to go that route. They've been dedicated to federation since the beginning.