Well, if you look at the features this specific remote app is designed to control, what you describe is "vendor out of business". Sure, that is a risk, as always.

Ideally vendors would open source code like this. Not sure why they so seldom do. Some cultural corporate thing I guess. This is something we as consumers are always vulnerable to, the more "smarts" are built in to products.

The site refers to the app as "Iron Cast App (open-source)" but I wasn't able to find the source code.

That's probably because it's a kickstarter

We need a standard.