It all goes back to the original reason:
An example - GT finds a Dedrick Mills-style bruiser of a running back. We invest the time, energy, and resources into helping him develop to his full potential. We found him when no one else would give him the time of day.
Then when he because known as one of the Top 5 RBs in the country, Bama and OU and Ohio State start sniffing around, and trying to get him to transfer (nevermind uGA). And I'm confident asserting that most of them have lots bigger budgets, and lots more 'bagmen' on hand than GT.
In essence, giving players the ability to transfer unrestricted means "the rich keep getting rich and the poor keep getting poorer."
I'm in favor of the old-style "hardship waivers", because bad things do happen. As much as I don't like that Demetris Robertson headed to uGA, I'm glad he was able to come home to be close to his ailing family members and not have to lose a year of eligibility. That's the way it should be.
But someone who says "I came, I lost out on the starting job, and now I want to leave without consequences?" Or someone who says "I came here because I was a 2-star, and now the big programs want me to come to them, so I'm leaving because [insert dynasty here] will be in the National Championship hunt?" That doesn't feel right to me. That just ensures the Clemson's, Bama's, and uGA's of the world will continue to be in the playoffs every year - at which point, why even have a playoff? Why even have teams like GT competing in the ACC?
(Of course, I'm a market of one. Just stating an opinion.)