It is not. Open source is no pejorative, but just copying the code of others and packaging as your own product is.
And LV2 is a format. Where in the bloody hell is there a limitation for the LV2 format? MODs option of hosting LV2 plugins only is one thing. Nothing prevents anyone form coding a mammoth plugin and porting it over to LV2. It’s just that many companies don’t. And they’re not happy that, for ProTools compatibility alone, they need to port their plugins to 3 (yes, three!) different formats.
Also, a free plugin does not have to be open source. It is free as in “devoid of monetary price”. Open source is free as in “freedom” – anyone can look inside and see how it works. Depending on the license under which it is published, you have to make your sub-product (using open source libraries) also open source, but some licenses do not require that. You’d be surprised at how many things you use and pay for that are based on open source software. (Start with your Android phone, if you have one)
For those interested:
Which I believe to be the reason why your Dwarf lived in your house far less than you have adorned this forum with your thoughts about it.
The only experience I have with “coding” guitar effects was with the Jesusonic, back in 2005 or so. You’d be surprised that with 10 lines of code you can get a distortion. But it probably takes 2000 to get a good distortion.
Do you believe every one of the 1000s of effects some products offer have each 2000 lines of code?
Read Sound on Sound’s evaluation of the Boss GT1000, and you’ll see that, while they praise the amp models and “realistic” experience, they also say amp emulations are few and not very tweakable. And that is a product from a major company in the business, with 70M in annual sales.