Not an unreasonable policy in the abstract but open channels for free software projects should be publicly and permanently logged, same as mailing lists. Private channels, sure. Other than that, the project should have public logs, at which point it doesn't matter if a for-profit company wants to see those logs because literally anyone can—or could have just joined in the first place.

(Debian also has a policy that you may not publicly log its IRC channels, and I also think it's wrong.)