It's not that people hate lifestyle businesses, it's that a lot of people inappropriately label their lifestyle businesses as "startups". For the people that have worked 70+ hours a week, took no salary, and have lived through the pain, blood, tears, sweat in an attempt to build a sustainable business -- it's kind of a slap in the face.
I used to run a lifestyle business (ad agency), worked 40 hours a month and netted almost a quarter a year. However, I left to that to not just pursue fu money but more importantly, build a purpose-driven business that hopefully enabled me to spend my later life dedicated to philanthropy.