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I'm of the opinion that GMO stands to have far more of an impact on agriculture and agribusiness than consumers. I also firmly believe that the larger magnates have zero interest in preserving consumer choice or nutrition and GMO allows them to leverage market position at the expense of small producers (what's left of them). From an individual health and nutrition standpoint I don't feel that non-GMO offers much advantage over GMO; quite the contrary in certain circumstances. However, I believe that the average consumer's paranoia about GMO is beneficial to small business and sustainable farming and, as such, renders GMO labeling a net positive.

TL; DR - I think it's bullshit but I support it for benevolently machiavellian reasons.