The other side could be someone with natural exposure to the question that wants to hedge, for example people traveling to/from the middle east were exposed to

The other side could be someone with natural exposure to the question that wants to hedge, for example people traveling to/from the middle east were exposed to the Iran war question(s) and could get insurance against airspace closure through prediction markets. This argument doesn't work for 90+% of the volume on PM/Kalshi but I think most of the questions there are just gambling.