Really? My strategy would be to buy the adjacent lots, if I wanted to prevent this. If I couldn't afford to do so, I guess it wouldn't be ANY OF MY BUSINESS what was built there.
But there is nothing wrong with people agreeing up front as to what the rules are for property in the area. If we all agree that no quickie-marts will ever be built on our land which we contribute to the agreement, then that's no different than any other voluntary, but binding, contract that we might chose to sign.
That's all that HOAs are in theory. My point is that you have to read that contract before you sign it. In many cases, it actually gives the HOA far more power over your property than you have. And look out for what they can do to you if you ever forget to pay your dues.
This isn't nearly as bad as what governments can do, especially in environmental laws, which are not voluntary agreements on your end at all. There, they essentially strip you of all the uses of your land, but leave you with the property taxes.