but what is the risk?
Also consider that everything communicated over wifi is sent without encryption so anyone within range could easily access everything you do. No wifi protection means your wired network is totally accessible also.
This is not an issue for everyone though if all you are doing is internet browsing and streaming TV.
For the minimal effort of adding a password though that had to be entered once on each device, is it worth the risk?
I'm not sure you could be held accountable for what someone else has done if they access your 'free' wifi. As far as I know, nobody has ever been prosecuted for this.
You are not required to keep logs and it would be required to prove guilt rather than you innocence.
Not a lawyer though so treat as such
OPNSense
PiHole
Unifi for Wifi