In a pluralistic society it is as bad as racisim or prejudice against Muslims or misogyny. If your fear of a given group informs a change of a long-term friendship just from that friend coming out, then yeah, it's not only a social dysfunction but informs what job positions you can have that are public-facing or public-serving.
For instance, transphobes shouldn't be doctors, pharmacists or defense attorneys if their transphobia.migh affect their regard to clients.
Maybe in a police state where citizens are expected to adhere to an extreme level of conformity then being transphobic might not cause additional harm, but no one would want to live in such a society.
McDonald's is notorious for suing any food-related company with a name starting with Mc or Mac, for trademark infringement. McDonald's lost to McNally's, a steakhouse in California, but I have to assume they've won enough to persist the policy.
Although in the 2010s it was observed that copyright lawyers on retainer to movie studios and record companies were over-eager to report infringement to media platforms even when it was obviously unintentional and not useful for piracy (e.g. dancing baby videos.) And Disney has a long wretched tradition of suing daycare places for wall murals long before the internet.
So this might be a matter of retained legal teams keeping themselves busy with overvigilence, since overenforcement makes such companies look like abusive dicks who deserve to be pirated (or worse, deserve to be not pirated).