Is rust fully open source?

If the rust organisation went fully wild one day, would rust the language technically still be able to continue on, e.g., as a fork?

Short answer: Yes.

Long answer:

There is no "rust organization" that owns the rights to Rust. The copyright to the Rust source code is owned by its individual authors. (The Rust Foundation does control rights to the trademarks, such as the logo.)

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Rust is released under the MIT licence. The MIT license is approved by the Open Source Initiative. https://opensource.org/licenses?ls=mit So if that is where you get your definition of open source from then yes.