From what I've read, it's not nitrates per se that are the issue. It's the combination of nitrates and red meat that raise health concerns.
Some might argue that food safety in the short term is also important for public health, and there is merit in that. From a personal point of view, I am limiting my intake of processed meats anyway, reducing the long-term risk.
Note that nitrates are not absolutely necessary for mass produced products. I recently purchased some nitrate-free pepperoni from Costco that was stable at room temperature in the sealed package. (I use it as a condiment, not a
staple.) So, there are other processes that are valid for preservation.