As someone who went through it, it was also absolutely about offensive content. When I was 12 I lived in Michigan and went over to a friend's house. While there I saw this book on his brother's shelf that had a dragon on it and some other monsters underground(1e MM). I loved mythology so I picked it up having no clue what it was. My friend's mother suddenly froze like something bad happened. She was probably afraid that it would get out that her kids had D&D. Before she could say anything, the brother offered to teach me how to play. My friend's mother said she had to ask my father who was a preacher, having converted from Judaism to Christianity. Well, he said no because there were things in it that were of the devil. It had nothing to do with crime at all.
Some of it was. A lot of it were just grass roots religious people not wanting their kids or other kids to risk their souls on a game with demons, devils and such in it.
Reducing all of them to "Satanic Panic" belittles their beliefs and tosses aside offense. If it's wrong to do that to those who see orcs as offensive due to white supremacy, it is also wrong to toss the feelings of the religious people aside.