I think it's primarily loss of privilege. What we are seeing here is backlash; same thing we saw after the Civil War, after the black civil rights movement, after women got the vote, after gays got the right to marry and after a black man was elected president.
Wikipedia has a good definition of it as applied to race:
White backlash, also known as white rage or whitelash, is related to the politics of white grievance, and is the negative response of some white people to the racial progress of other ethnic groups in rights and economic opportunities, as well as their growing cultural parity, political self-determination, or dominance.
. . It can also refer to some white Americans' particularly visceral negative reaction to the examination of their own white privilege.
. .It is typically discussed in the United States with regard to the advancement of African Americans in American society, but it has also been discussed in the context of other countries, including the United Kingdom and, in regard to apartheid, South Africa.
We saw that after Obama was elected. We saw that when Trump was defeated. And now that backlash has been extended beyond race to sexual orientation and gender, as we are now seeing with attacks on trans people.