Does the absence of a magazine...
There's your answer. The legal definition of 'machine gun' is in 26 USC 5845: "The term “machinegun” means any weapon which shoots, is designed to shoot, or can be readily restored to shoot, automatically more than one shot, without manual reloading, by a single function of the trigger."
That definition is a functional one. It doesn't say anything about open bolt, selector holes, rate of fire, etc, etc. It's all about whether pressing the trigger once fires two or more shots. For example, I think that if you rigged something with a double barreled shotgun so that you pull the trigger and one barrel fires now and starts an hourglass that somehow fires the second barrel tomorrow, that would be a machine gun per the law - because it fired twice with one trigger pull.
So the GB22 question is whether it can 'shoot ... more than one shot, without manual reloading'. The manual loading requirement prevents it from being a 'machine gun'.
Along with the 'or can be readily restored to shoot' requirement, or course. That's why AR lowers with the selector hole are forbidden; with the hole drilled all you'd have to do is install the right parts to make it full auto. You'd have to do more than drill a hole to fit a magazine to the GB22.