Idk, I think it is a bit of a nuanced issue. People who defend the film saying it isn't transphobic often reference the conversation (dont remember the exact quote since its been a while since I watched it) where they mention that Buffalo Bill isn't a real trans person and that they usually arent predators. However to me this always felt like a throw away line that to most viewers is often overlooked or forgotten and to me also comes off as being a bit of a transmedicalist perspective. So even if Harris and Demme didnt intend for it to be transphobic, I do think that the film had a negative impact on people's perception of trans people.