This argument was used against alcohol in the early 1900s, according to Smashing the Liquor Machine.
According to them, US alcohol prohibition was lobbied for, in some part, by the left, because they saw it as exploitation. We saw how that turned out.
The same thing happened in Russia, where the Bolsheviks banned alcohol for a period, under the same justification.
If a policy is known to lead to bad outcomes, it is not a moral policy, no matter the theory behind it.
The left has started to realize this. That's why they now advocate for decriminalization, public health campaigns, and mental health support.