I found it is possible through a feature request to dev
https://gitlab.freedesktop.org/NetworkManager/NetworkManager/-/issues/583#note_698098
Yes, you can create an open wifi network access point without implementing security protocols using nmcli and NetworkManager. Use the following command
nmcli connection add \
type wifi \
con-name "WLAN5G" \
ifname wlp2s0 \
autoconnect yes \
wifi.mode ap \
wifi.ssid "WLAN5G" \
wifi.band a \
wifi.channel 157 \
ipv4.method shared \
ipv6.method shared
Note the non-inclusion of any security parameters when creating the connection. Inclusion of security parameters when the connection is built creates a distinctly different connection profile which includes the 802-11-wireless-security section which will force WPA or WEP. Once a profile is formed sections can be removed but not added. i.e $ remomve 802-11-wireless-security
So you may need two profiles if you want to switch between secure and insecure.
Along these same lines, folks are trying to bridge wifi to ethernet. You cannot change a wifi connection profile after it is created to include the bridge as it won't contain that section and you cannot add, so to create an open wifi bridged access point include the "master" parameter.
nmcli connection add \
type wifi \
master br0 \
con-name "br0.WLAN5G" \
ifname wlp2s0 \
autoconnect yes \
wifi.mode ap \
wifi.ssid "WLAN5G" \
wifi.band a \
wifi.channel 157
After bridging wifi you may have difficulties with the wpa_supplication and may need to specify the bridge interface on the command line, systemd, or arguments file. For CentOS8 this was in /etc/sysconfig/wpa_supplicant
--INTERFACES=""
++INTERFACES="-i wlp2s0 -b br0"