> Remember when Adobe bought Figma for $20 Billion and then open source alternative Penpot then raised $8M towards being a legit community driven alternative?

It is not 'a legit community driven alternative' since that $8 million of VC money is not theirs. Penpot is now controlled by VCs and it is growth at all costs and head for a acquisition or IPO.

Who is to say that Penpot would start close-sourcing some features or having a secret closed-source version only available as a SaaS offering and some of the code won't be available to the community?

Depending on the VCs involvement and how much Penpot is making, I won't be surprised to see Penpot starting to hide some features in the open-source version and add them only in the paid hosted SaaS version.