Surely epic will shut this down. The installer downloads a copy of the original game, well that is my reading of it.
They clearly state so. But also say they have epic's blessing. Then this will stay up.
Did you read the part where they say “With Epic’s blessing”?
This is being done by OldUnreal with written permission from Epic. They've been doing the same thing for Unreal 1 and Unreal Tournament '99 under NDA and all.