Let $I$ be an uncountable set, and $\{a_i\}_{i \in I}$ a collection of non-negative real numbers. If $\sum_{i \in I}a_i < \infty$, then $a_i = 0$ for all but countably many $i$; see this question.
As every nonempty open interval has positive length, an uncountable sum of such lengths would necessarily diverge. Therefore, the sum of lengths of uncountably many open intervals diverges unless all but countably many of the intervals are empty. So, provided you allow empty sets in the cover, the proposed measure is equal to the Lebesgue outer measure. If empty sets are not allowed, you don't even get a measure as every set will be assigned the value $\infty$ (even $\emptyset$).
If you use closed intervals instead of open intervals, you get the trivial measure because any set can be written as the union of singletons which are closed intervals with length zero.