I realize this is at most 5-10% of some age groups, but they are louder than anyone else and acting in a radical fashion. On the other hand I'm not sure where you see moral panic here, I'm really just expressing knowledge and my opinion. Not very emotionally so. Even if I could be slightly more emotional about it, I have literally been attacked for stating that I am bisexual and don't have neopronouns. That hasn't happened in a long time. Not to mention the damage that is being done right now to decades of fighting for acceptance and the past "gay panics". Kind of ironic to mention that in the context of new active discrimination by their own and then calling it moral panic.
Past gay panics furthered the cause. This behavior will set it back by 20 years. Even completely indifferent or transgender-friendly people are starting to turn on them now.