The end result is not necessarily a bad one, and I think reasonable for a project like Gentoo to go for, but the policy could be stated in a much better way.
For example: thou shalt only contribute code that is unencumbered by copyright issues, contributions must be of a high quality and repeated attempts to submit poor quality contributions may result in new contributions not being reviewed/accepted. As for the ethical concerns, they could just take a position by buying infrastructure from companies that align with their ethics, or not accepting corporate donations (time or money) from companies that they disagree with.