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Basically your only other option is to find the keys for each BluRay you own yourself. I did go through the hoops a while ago and wrote it up: https://www.bennee.com/~alex/blog/2011/04/18/playing-blu-ray-under-linux/#playing-blu-ray-under-linux
However it's a pain sourcing the encryption keys you need for each disk. While I work hard to prefer FLOSS apps over their propriety equivalents in this case I'm happy to pay the small fee for a perpetual licence of MakeMKV.
It's not really possible to make an open source equivalent to MakeMKV. That would mean anyone could see the decryption key and it would be revoked immediately.
The software could be open-source, but the keys distributed as a proprietary binary blob.
But as long as you're bundling keys, they can be extracted, whether like that or however makemkv is doing it.
How would the key be revoked when the blurays are already out there?
Future releases will not be able to be decrypted if the key is revoked.
Makes sense...
I don't think there's any better alternative currently, but maybe something can be built based on the recent AACSv2 exploits.
Commenting to indicate my shared interest in this (despite the other comments suggesting the unlikelihood of such an option emerging).