My 2c:
The biggest reason why some people want to shut down the aquarium industry is very simple - they think it's morally wrong to take a fish from the ocean and put it in a box. This is purely an emotional issue and has little to do with how we affect the environment.
So, this sort of thing will never go away, no matter how environmentally conscious we are. Ironically, what is most upsetting to many people is the poor survival rate of some species - some of which might not be particularly significant ecologically. Is it worse to collect a bunch of large surgeonfish that will live happily for years in captivity (while no longer grazing their native reef), or a bunch of butterflies that will probably die in a couple of months but didn't have much effect on their environment? Obviously, it depends on your perspective.
That said, however, it's hard to get laws passed based purely on somebody's sympathy for cute fish. So, when this type of thing is brought up to politicians and the general public, environmental issues are always emphasized; without them their arguments fall flat. It's something that will come up in the future and the industry needs to be conscious of it if we are to survive.