This is not open access. The Berlin declaration states it quite clearly. It is about usage rights.[0]
Publishers really love co-opting the OA movement. Scheming up increasingly convoluted colour OA categories. Or deluding the concept with campaigns like this.
The contents might already be on SciHub and other sites, but I can already see the bandwidth spike they're going to receive from doing this... from those sites wanting to complete their collection, among others.
The Royal Society is a non-profit organisation - the income is used mostly to fund research, but also to fund scientific collaboration, and on public policy to try and ensure governments are making decisions that are not completely ignorant of the scientific evidence (of course they can then ignore that evidence).
From the RS financial statements, the income from its publishing side raises about £7.5m per year, and the publishing expenditure costs are about £3.5m per year. So that's around £4m/year that is invested in science that otherwise wouldn't be.
I think many RS fellows would like to see the RS journals become open access all the time. But it would mean that less research could be funded.
Disclaimer: I'm a fellow, but I don't have any insight into future plans on this front.
Much of the back catalogue is already available open access direct from the Royal Society:
Most of our oldest content is now freely available, specifically, all papers older than 70 years. In addition, papers published between 10 years ago and either 12 months ago (biological sciences) or 24 months ago (physical sciences) are freely available. For Biographical Memoirs all issues are now freely available, apart from the most recent issue.
Is £4M of research funding worth more than the impact removing the friction and cost of accessing past articles would have on research (in terms of both cost and speed)?
Because if you're not the customer you're the product. For-profit publishers have abused the reader-pays model into disrepute, but author-pays and sponsor-pays is an awful way to run a journal.
He could also have taken the six month plea deal he was already offered, done the three or fewer months he actually would have, and not killed himself.
Publishers really love co-opting the OA movement. Scheming up increasingly convoluted colour OA categories. Or deluding the concept with campaigns like this.
[0] https://openaccess.mpg.de/Berlin-Declaration