Funny thing is I was going to ask why did no one took the reins of nulldc and other projects that are already open source? That bothered me for a long time. Here I was thinking that NullDC was going to keep going strong that the source code got released, but the only thing that happened was some kind of GD-ROM audio bug being fixed since it affected games like Shenmue and Expendable. That was the only thing that happened since then.
Actually the Reicast developers took the reins of nulldc. Or to be more specific, I believe most of the core dev team is the same. It's very much not dead and is under active development right now.
Here's a quote from their April progress report this year:
"nullDC was released in April 1st 2007 as a reverse April fool’s joke. That’s 11 years ago, to the day. Reicast, which is derived from nullDC, has crossed the 1 milion downloads in the Android store this month. It’s been a great ride, and we hope you’ve managed to relive childhood memories using these projects

"
They seem to be focusing mainly on Android now, though it's technically supported on Windows, Mac, and Linux using either their CI builds, others' unofficial builds, or the RetroArch core. The RetroArch core though seems to be out of date with their latest work (they seem to have taken about a year off of development and resumed in March, and the libRetro core is from 2017 presumably one of the last builds before that happened).
So for frontends and whatnot, it's easy to use because of the RetroArch support, but the compatibility and emulation quality isn't quite up to Demul yet, though maybe one day... Not sure that says anything about open source specifically though, ore that the Demul devs are just really, really good. I currently use Demul for that using a bat script I wrote to handle hiding the mouse, starting an Autohotkey script to allow me to close the emulator using a controller button combo, and returning to the frontend.
Also Reicast has had a few dozen contributors since 2013 alone, though to MetalliC's point it does appear that most or all of the contributors outside of what looks like the core team wrote UI code or similar things, not core emulation improvements.
Anyway on topic, open sourcing is great for us users due to the inevitable RetroArch core and the fact that if the devs ever walk away, someone could pick up the project. However, MetalliC is 100% on point that open sourcing will basically get them no additional help, and as he mentioned they don't really care about the users (not making a judgement just stating a fact), then there isn't really any reason for them to open source it as they won't get much if any personal benefit. He's also correct that they can relicense it however they want, so no GPL violations, not that it would be enforceable anyway. So that's the end of that argument.
As a user, software developer, and Dreamcast fan, I'd love it if the most complete Dreamcast emulator was open source and had better support for frontends and whatnot, but it's their code and they can do whatever they want with it. I'm just happy I can use it at all and it works as well as it does, and most importantly that it's still being actively developed.