Oh, I agree with the practicality/usefulness, but I don't think that is what motivates hackers. If I had to guess, I'd say that the cost of a RED One (and only 8000+ units shipped) is what keeps it from getting the hacker treatment. They tend to have much more time than money. ;-)
I've also heard (not sure where) that the RED One runs Linux. If true, RED would be required to release the source code for the Linux kernel (and possibly other GPL'd utilities) used in the RED One if someone asked for them, per the GPL. Again, I think there are so few RED cameras out there that it probably won't ever come up. I doubt any actual RED One users care about any of this.