They will not want their badge on hateful or bigoted content.
I think they’d be nuts not to reserve the right to yank it from publishers.
If not NuTSRs pet Nazi could use it.
And so, right or wrong, it isn't an open license. An open license means WotC doesn't have any say beyond the initial stipulations.
You have to remember, the OGL was not designed to protect WotC's good name or even shelter D&D. it was designed to protect D&D from being destroyed by corporate greed. It's goal was to make sure that should poor management or actual malfeasance lead to the death of D&D as a brand, the GAME itself would live on.
It doesn't appear that is what WotC is concerned with regarding the OGL and 1D&D. they appear to be more concerned with getting a piece of the pie when certain kickstarters do really well, and be able to force control over other commercial compatible content. And that's "fine" from a legal and corporate practices standpoint, but it flies in the face of the OGL's actual intent.
The core idea of the OGL was pretty simple: D&D is a culture and a movement and a worldview, far more than it is a product, and the OGL was there to make sure than no one could kill it by making bad business decisions because there would always be someone able to take the essense of D&D (the SRD) and rebuild it. What WotC appears to be trying here -- the same thing they tried with the GSL -- is to circumvent that and say, no, D&D is a product and nothing more. And I hope they fail. I hope they get 100 Pathfinders eating into their sales. I hope Critical Role and MCDM and LevelUp and dozens of Kickstarters eat their lunch and send them packing for it.
You want to know what a "free" D&D looks like: it looks like the OSR. I am not an OSR devotee. i own maybe 3 OSR games. But they way that community has made D&D of a certain era their own, and shared ideas and created a community is EXACTLY what modern D&D needs.