The incomparable Rebecca Reilly Copper has done this so much better than I could hope to, so I'll link to her fantastic essay and add some thoughts of my own.
This is really all about me and my daughter, so apologies if I end up sounding like a pompous arse explaining feminism. If real feminism had been available to her, I'm sure she wouldn't be where she is now.
For me the main problem with Trans Lite, is that it still views everything in terms of gender. Accepting an identity of Non Binary, still leaves you defining everything about your self in relation to that binary.
For young women, this is about defining yourself in terms of the feminine gender. Being Trans-Lite means that you accept the patriarchal definition of woman as feminine, as a performer of femininity as the true definition of what it is to be a woman.
Becoming Trans-Lite can make you feel better, more interesting, more edgy, than plain old cis women with their boring concerns about equal pay and abortion rights.
Becoming Trans-Lite can also offer an escape from patriarchal repression, from porn sex karaoke, from being constantly found to be failing as a woman.
Either way it is a defeat, an acceptance of patriarchy's definition of women, either setting yourself above women, or in effect saying that you are crap as a woman but asking that perhaps people will accept you as something else. You will still depend on other people to accept you new Trans-Lite gender, you still be constantly performing it and you may still need surgery or hormones to force your body into you new identity.
Its profoundly individualistic, it denies the possibility of collective struggle and in the end says that its you that is wrong and needs to be fixed