Why should the remote stop functioning just because the company doesn't exist? That's a bunch of BS in my opinion. Remind me to never support anything from these founders in the future.
Even a tiny bit of attaching moral standards to individuals in the business will have a big effect - people will leave a company if they see something immoral happening, so as not to hurt their own employability.
That could consist of opensourcing the code, handing the servers over to someone else to run, making the product have a fallback mode where it runs without a server, etc.
This is true for about 90% of all IoT "things" on the market, and dont thing your immune if you buy form a "big brand" like Google (who has already done this to products of theirs see Revolv and Nest both)
Given that it's 2021, I wouldn't be surprised if their tech was that the remote control first connects to their servers to do <something> and you're actually subscribed to a cost plan in order to control your devices.
The only exceptions I grant at the moment are T2/M1 macs - they cannot be factory restored without an internet connection to Apple.