You are consigning thousands of people to a single life that they cannot ever leave. Not only that, but, they MUST conform to life on the ship whether they want to or not. What do you do with those who want to return to Earth? With those who don't want to be on a generation ship, forced into labor not of their choosing?
The moral implications of something like this are pretty staggering when you think about it. You are locking people into a choice, thousands of people mind you, that they had no say in whatsoever. And everyone one of those later generations MUST adhere to shipboard rules, rules that will force people into specific labor, into specific roles.
In what way is that not slavery?