Sooner or later LG phones will loose support from LG (as LG is completely shutting down mobile branch of their corp), so for everyone good it will be better if LG open source their phones in both - hardware and software matters. That will mean:

• longer support for LG phones (from other open source vendors of OS for phones)
• less electrowaste
• will reduce costs of support for LG

Additionally, since complete shut down of LG mobile it would be a waste of years of effort and carbon footprints if trashing all the results of work. Thus donating all the data to public domain and/or to organizations like pine64.org would be a further good move that could even potentially bring some additional profits to LG.