This is exactly the type of license Redis tried to move to when people got upset and forked it twice.

"Essentially Apache with restrictions"

Yeah, that's kind of weird - Apache, except totally not Apache. They probably meant to do a source-available license with free non-commercial use allowing inbound contributions - makes sense for a startup, but... please get a lawyer and clean it up :).

team member here - totally see where you're coming from, we'll be relaxing this soon.