Many reasons. One major factor imho is the belief or illusion to be living in a meritocracy. Which would mean, that someone who’s rich has to have earned it and therefore criticism must stem from envy or jealousy. The same belief fuels the ideology of thinking of poor people to just be lazy leeches on society.

Never have I ever watched/read anything relating to Lord of the Rings.

To be fair, business development wasn’t the main hangup for many of the people I know. The two main reasons I heard (and partly raised myself), was firstly the detrimental effect on expanding solar- & wind-energy-production. And secondly overreaching, i.e. not limiting the protection to the environment, but also include townscape protection and historical sites, essentially further restraining residential development (including changing them into more dense usage) in a time where living space is scarce and expensive.

When the pro-side has its reservations, then of course it doesn’t help that the executive (Federal Council) is dominated by pro-corporate ideology and have brought forward arguments of “damaging the business location”. But making it out to be the only reason is just dishonest.