My take from the beginning has been this:

Bud Light is piss and always has been, along with most major brands. They were able to get big when there was no alternative but piss in the beer market but now craft breweries have made it so that you can actually get beer that you like to drink.

Up until now, they've been coasting on brand loyalty; people drink Bud Light because they always drank Bud Light. But then they went and basically called their base a bunch of trannies.

People don't like trannies.

People will tolerate trannies so long as they're outside their bubble, but even the pro-tranny crowd don't like them beyond their political utility. Trannies are far less that 1% of the population but so screetchingly noisy that they seem like 50%.

So not only did they make their loyal customers embarassed to drink their beer, they're courting a tiny market that doesn't even really drink beer and whom everyone else is embarassed to be associated with.

I honestly don't see how they're going to turn this around. Their ex-customers will easily find a new beer to drink that doesn't taste of piss; they're not coming back. They have little prospect of attracting new customers, for similar reasons. Maybe they could start again with different branding, but from now on Bud Light will be known as Tranny Fluid.