Frankly, I think it’s being pushed by two forces, people who are legitimately transphobic and people who want something else to have arguments about rather than issues that actually affect them.
Like, say you realize that the corporate consolidation is driving the economy off a cliff, and your see how pissed off people are about it bbbutttttt you benefit from it, rather than just keep quiet and wait for people to realize the real cause of their issues, find something else to get people arguing about. Maybe even get a few companies to show how “progressive” they are by having them “speak to trans issues”. Now rather than discussing wether or not the consolidation is good or should be allowed, people are ether attacking or defending the latest marketing campaign.