With hue there is still potential risk of a lockin with their hue app. They allow it still, because their sales are not really good. But otherwise they might have restricted it.
If Hue were to suddenly switch to something proprietary their existing bulbs will all continue to function without their app or hub.
Luckily Hue is made by Philips who I'm pretty sure aren't going anywhere.
The Hue bridge is IP based but can be controlled entirely over your local network. It’s a slim possibility of something breaking (the mobile app mostly) and then the bulbs are still fine.