The interesting complication in that distinction is radiation mutation breeding which we have been using for nearly 100 years. An accelerated "natural" mutation mechanism?

I think that main alarming aspects of GMOs are the business models it enables more than direct risks.

Though there are ecosystem risks, we don't seem to weight those risks heavily with any of our land use and ecosystem modification so I find it hard to hold them against GMOs specifically.

Agreed. Selective breeding is not GMO. Last time I was writing on this subject on HN it seems a lot of people ( mainly Americans ) were thinking GMO includes selective breeding.