I've touched on this kind of thing (cross-band interference) while doing some telecoms work at Heathrow. It comes across as something of a black art with a lot of arcane terminology, but the underlying physics is solid and well understood so if the mathematical modelling says there may be a problem then it's almost certainly correct.
The extent of that problem will depend on a *lot* of external factors though, so quantifying it might be a little less precise - the same kind of problem as with predicting the weather, only without same scale of supercomputers to throw it. That seems to be about where we are now; there's probably a very valid concern, but to try and quantify it accurately would require quite specific data for a given location rather than the more general data that is being sought, so there's something of an impasse.
As you might expect, the airline industry is all over anything that might potentially cause EM interference, especially in the vicinity of airfields where they have all the risks of take off, landing, and a lot of aircraft manouvering in close proximity to manage. In our case, the primary concern over the systems we were installing at LHR was with the ground and low-altitude radar systems, where there had to be essentially ZERO possibility of any interference, but we needed to more generally assure against a lot of other systems as well.
A scenario with possible interference with altimeters? Yeah, I can see how that would be a concern for them, especially if the local climate means pilots might have to heavily rely on instruments when making an approaches in adverse weather. Put it this way; would you want to be on an aircraft making a final approach when the pilots are not certain how far below the aircraft the runway is? Even if the worst case is only an uptick in rough landings, that's still going to put more wear and tear on landing gear, increase maintenance costs, and just maybe introduce the possibility of a mechanical failure at just the wrong moment.
Ultimately though this is a cost vs. safety debate, and I think we all know how those usually end, but
after MCAS I think the aviation industry can't afford another passenger safety issue and is going to fight this long and hard. I don't think this dispute will be over anytime soon.