It's already open source, and a draft implementation is available on github. (https://github.com/OGC-IoT/ogc-iot-api)
Arguments against the Internet of Things seem to be based on the idea that you'll lose privacy and only big money / governments will reap the rewards from your privacy loss. However, if you look at it from a different perspective, that is, not implementing the Internet of things as household items but as automated sensors for safety and analytics in the workplace, then many of the complaints no longer exist. I think the Internet of things as a buzzword has been stretched top far, but I don't outright oppose adding sensing capabilities and easier information exchange to some machines and devices.