One previous 2016 study from the University of Illinois at Urbana-Champaign suggests that those graphic warning labels might backfire and end-up contributing to more of the same problem.

Or even besides that, I feel like it could make people desensitized to warnings in general. They become used to ignoring it and not seeing any serious harm. And then if someone warned them about some bad drug like heroin or something, they could be more likely be like "meh".

(I don't think drinking is good for you, but as you say, there's a consequence to being overly fast to issue warnings. Voluntary p2p, buyer to producer labeling works fine.)