It is. They will most likely eventually need to move to a walled model for Wayback due to scraper aggressiveness (like Reddit deprecating anonymous old.reddit.com), or behind Cloudflare for aggressive bot and scraping protection. Hard to defend against abuse of a public resource when its intent is public access with as little restriction as possible.
https://en.wikipedia.org/wiki/Tragedy_of_the_commons
(no affiliation)
Reddit has no excuses for the anonymous old.reddit.com removal; they're simply greedy.
On the other hand, the Internet Archive is a non-profit offering a free public resource.