> But what about the different case where the company permits
    > redistribution of the binary firmware, but does not release source
    > code.  Would OpenBSD distribute the firmware in that case?

    Of course and going by your description it is nothing but hardware at
    that point

No, that description refers to a different case.

               so there is no ethics violation (whatever that means since
    you refuse to explain it).  It is just like micro code and a circuit.

I think firmware is equivalent to a circuit if it is inside the
hardware and users don't install software there.

Here we are talking about firmware which users always do install.
(That is the reason why anyone would consider distributing it with an
operating system.)  So that is not equivalent to a circuit.

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