The exercise economy is the real back pain industry.
I do heavy deadlifts. I can't tell you how many people told me that it would hurt my back. But it turns out having a muscular back to support my spine was exactly what I needed.
I have done a bunch of research and have tons of anecdotes which indicate that with proper form deadlifts are far safer and more effective for a wide range of people than is commonly imagined. And the form is rather easy to get right.
It's more than just muscle. Deadlifts really do a hell of a lot for the body. (They also stimulate growth hormone!)