It is fair criticism. We don't claim to be "open source" rather we are open and free as in you can see the code and host it yourself if you want. The primary restriction is that license does not allow building a managed service out of it.
BTW, we don't have any license key, so that part of the Elastic License wouldn't apply. It is there, because we wanted to use a known license that fits the bill instead of creating our own obscure license.