In fact, it may be even worse. Partially hydrogenated fat has the alien, altered structure of the fully saturated version. Because not all the hydrogen bonds were filled with hydrogen, it may even be likely to carry more of the metal catalyst. Furthermore, because there are still hydrogen bonds unfilled, it will go rancid much faster than fully hydrogenated oils. Here is an interesting discussion of the partial hydrogenation debate.
Hydrogenated oils are cheaper than butter or coconut oil, the two most likely replacements.
Lard or tallow are cost competitive, but carry taste or public acceptance problems. If hydrogenation were all of the sudden unacceptable, prices for butter and other replacements would rise. Advertisers have brainwashed most of the public that animal and tropical fats are bad, and vegetable oils are good. This is a major consideration for large or multinational bakers who ship products across oceans or continents. Ditto for wholesales and retailers who stock and sell these products.