Yes. It's because technological progress is fast in general, halting a particular avenue of development down can cause it to never be pursued again.
Technological progress isn't a line, it's a graph. Someone patents an invention and decides to sit on it, and by the time the patent expires, the entire technological environment has shifted around in a way which makes that invention worthless, and follow-up work unlikely to happen. Whereas, were it not for that patent, the invention would had people extending it further, perhaps generating even more immediately useful technologies.
In this way, a patent - in particular, a defensive patent, taken to prevent anyone from developing a technology that endangers your business - is closing off avenues of progress.
These days, many patented technologies expire faster than patents on them. In those cases, patents are quite literally halting progress.