A more expensive fuel, with lower energy content, higher pollution emissions, that damages engines and fuel systems, while taking food away from the world’s poor?
What’s not to like?
You missed the cutting into the supply of ethanol available for human consumption.
If the Federal government were REALLY enthusiastic for getting huge quantities of ethanol available, the more economically feasible course would be to take one of the fractions of natural gas, ethylene (C2H4), and use a catalyst to combine it chemically with water, to form the ethanol (C2H5OH). Not that hard to do, and it takes not one acre of farm ground out of food production.
But political science takes precedence over applied science.