Yes, I have heard the other "reason" is that some paranoid individuals claim they need arms in case thye have to violently overthrow a tyrannical government by military force.
Which is why I can't figure out why conservatives have suddenly and belatedly become so reticent to call these weapons assault rifles, or acknowledge their design and legacy for military grade application and ballistics.
If you are going to take on the armed forces of a tyrannical government, would you not need weapons approaching military grade design, aka assault rifles?
Here is my two cents: Your right to own high-powered and dangerous "arms" ends when it becomes an unsustainable and unnecessary threat to public health and safety. I do not believe you need to have flame throwers, grenades, machine guns, bump stock, or high powered semi auto rifles with 40 round ammunition capacity.
I know literally zero people who have any problem whatsoever with shot guns, revolvers, pistols, vintage military collectibles, and traditional hunting rifles.