Most authors of IEEE papers already have access to the IEEE database, which somebody (e.g. a university library or research institution) is already paying for. So the funding issue could easily be managed merely by most institutions shifting some funds from the library to the EEE faculty.
The actual amount of money is not the real problem. The real issue, as far as scientific integrity is concerned, is whether this brings up a conflict of interest. I'm sure that can be managed, (peer review is already anonymous) but it is important for them to lay down guidelines about it now, to avoid the conflict of interest from the start.
I have never seen anything fill up a vacuum so fast and still suck. -- Rob Pike, on X.