New polls suggest a majority of Americans (60%) believe a person's gender is set at birth. So while you can try and narrow this down to redneck homophobes, it isn't just them.
The numbers get worse for giving kids puberty blockers, transitioning teens and allow bio men to compete against women, or a big one on here, allowing teachers to talk to K-3 students about transgerderism (80% oppose).
I think the majority of the public simply got tired of all of it being pushed at them that this is the response.
From a business perspective, this has to be the biggest boneheaded mistake since "new" Coke. The VP of Marketing wanted to make the brand "less fratty". Why? That is what it is. There are other brands in the portfolio that you could have used. Just dumb.
I would call $5B a pretty good hit. And if you saw the video at the baseball game (sorry can't remember which one) where the Bud Light booth was empty, this hit may keep going. Once people realize that Bud Light isn't special and there are other beers just as bad, they may not come back.