In addition to corporate control, I believe that consumer consent is a major issue. Sure, labelling something as a GMO is going to have a short term impact. Yet it is a fairly safe bet that the vast majority of people simply won't care whether a given product contains GMOs or not within a decade. And those who do care would have been choosing things like organic produce anyway.

Instead we have a situation where people feel compelled to lobby governments to place more stringent regulations on the industry simply because they are left with no meaningful choice in what they buy. Worse yet, it breeds suspicion not only of corporate motivation but of product safety. The latter of which is of greater concern over the long term viability of GMOs.