The problem with D&I initiatives is that, ironically, they end up spearheaded by extremely privileged people. Those people usually have one (or MAYBE 2) main axis/axes of marginalization (see: upper-middle class/well off white trans women, rich straight POC, etc.). They then proceed to speak for every member of group X and/or declare that their problems are the only ones that matter.

The other problem is that such initiatives are naturally going to tend towards rewarding/biasing towards visible and apparent differences. (Which is why race, sex, and gender take so much center stage). "Diversity" basically only means 'diversity we can see'/skindeep diversity.