FUTO changing the definition of open source to suit their business model is like that time US Congress decided that pizza was a vegetable because it has tomato sauce.

FUTO's EULA may superficially resemble a true free software license (and may be good enough for you, personally) but it fundamentally undermines core tenets of the free software movement in order to preserve their business interests. All pseudo-FOSS licenses (whether of the "ethical" or the "business" variety) do this, because they prioritize the interests of the rightsholder above those of the community and the user. If important free software projects like Linux and Firefox were released under this license the free software world as we know it would not be possible.

As proprietary licenses go, it's certainly far from the worst.