Options trading is particularly bad example, because the buyer can choose whether they exercise it or not. You can just let the option expire.

But yes, there is portion of "investing" that is actually gambling. That is what Enron did and it threw down the economy. Those gamblers usually loose and we have quite a lot of regulations trying to restrict the impact of that gambling.

And yes, the usual suspect hate those regulations.

From a moral perspective I don't think it is. From a more practical perspective... It's only tiny biotechs where the share price exactly tracks a single clinical trial. This opens up ways to make more specific bets

It’s not, anyone claiming otherwise is arguing from an emotional position, not a rational one.

If we bet on where fires will occur and I have empty pockets and a book of matches that's a little different than options trading.

As with most terrible behaviors when a few people do it the results to society aren't so bad. When it gains potential for mass application of the same behavior it becomes a crisis.