That is a big differentiator. I think there is a pretty valid argument that the models and data centers are net positive for society, and therefore ethical (better than the counterfactual of their absence).

I agree that there are some harms, but they are mostly self imposed. If a retirement fund gambles people's money on the wrong company, that is on them.

Most of the power conflicts are downstream of corrupt politicians and ignorant voters strangling their grid and stymieing efforts to improve production and transmission.