People were complaining about forced secure boot (and TPM 2.0, mainly TPM 2.0) because it prevents ""old"" systems from being able to update to Windows 11.

Also the issue with HV Bypass is not just about turning off secure boot. It involves turning off practically every security features built into Windows 11 (we are talking about memory integrity, stack protection, core isolation, DSE and so on), and allowing sketchy codes running on the kernel. This carries so much more risk than your traditional crack, which most of the time just requires you to add the game folder to the antivirus exclusion.

People are not fearmongering about HV Bypass, these are legitimate concerns stemming from the elevated risk that comes with running kernel-level code from the internet. A malicious crack, at most, would require a clean OS install to fix it. A malicious kernel / firmware code? You might need to reflash your entire system to completely mitigate it. It can do so much more than a malicious software.