Microsoft will soon make Edge a Chromium-based (i.e. WebKit) browser. This is good for Microsoft and the WebKit ecosystem, but not necessarily good for the web as a whole (since this further allows WebKit to define what is standard, vs WebKit following proper standards).
Since the existing Edge implementation is going away, this old code will have little or no value to Microsoft. The community might find value taking a browser like Edge and breathing new life into it. If enough momentum (i.e. market-share) can be gained by an open-source spin-off, perhaps Microsoft would at some point even return to using their creation.
At the very least, the code has the Microsoft name on the copyright and breeds good-will to the open-source community, which is something that Microsoft has invested large amounts of money to do in recent years.
That said, why wouldn't Microsoft make the existing Edge browser (in its entirety) open-source?