Simply forking it won't work. The legal risks have been well-documented. Under their AGPL + Commercial model, the moment your fork gets too popular, MinIO can just shut you down. This is exactly why the smart money and talent have already moved on to systems like RustFS, SeaweedFS, and Garage instead of trying to maintain a doomed fork.
Yes, open-source is a software license model, not a business model. It is also not a software support model.
This change is them essentially declaring that MinIO is EOL and will not have any further updates.
For comparison, Windows 10 which is a paid software released in the same year as first minio release i.e. 2015 is already EOL.