On possibility I've seen raised is that slower GI movement -> slower alcohol uptake -> not getting as much of a "hit" from drinking as the effects come on more slowly.

In my personal experience, I do still get the same hit from drinking–I feel a buzz almost immediately, same as before. Rather, I just don't feel the "urge". I've never been a heavy drinker, but I would occasionally crave a beer or two, particularly at the end of a work week. Also, drinking on a GLP1 (I've been on both Tirzepatide and Semaglutide) absolutely wrecks my GI tract for 24-48 hours. Usually with an onset of maybe 8 hours, I get horrible heartburn, moderate to severe nausea, and even mild diarrhea.

I don't think it's any one thing. People like different kinds of alcohol, for different reasons. For someone who's alcohol cravings are based on the sugar in their preferred alcoholic drink, it isn't surprising then, that a medication that lowers their desire to ingest sugar lowers their desire to drink (their chosen sugary drink). Naturally this doesn't cover all alcohol drinkers, but it can't also be none of them.