Resonance is the king for explaining the acidity of phenols. As we know, when we approach the transition state of a reaction (in this case B: + PhOH -> PhO- + BH+) the activated complex resembles both the starting material and the product (the endo- or exothermicity of the reaction describes how much it describes one or the other... this is the Hammond Postulate) and therefore the transition state is stabilized by resonance just as the product is. Therefore, the energy barrier is lower in this deprotonation leading to conversion to the resonance stabilized product. THAT is why product stability helps to encourage reactivity.
Although I agree that resonance is king for explaining the acidity of phenols, that is simply not my preferred explanation. This is my argument. It doesn't really matter about TS or anything else like that. The question is why or what factors make the OH bond like an HCl bond or why are the electrons of the oxygen pulled away from the proton. I think of TS arguments as an ex post facto argument and should not be used to explain what enables a reaction to take place in the first place.
This is my thinking, if you look at the C-H bond lengths of ethane, ethylene, and acetylene, they become shorter and the acidity increases. The electrons are being pulled away form the proton to shorten the bond length and increases the acidity. If I have a methyl ethylene unit (propene), the acidity is similarly increased because the electrons are also pulled in, and now are pulled away form the methyl, that inductive effect is translated into an increased C-H bond length and increased proton-electron pair distance, again increasing acidity. If I use a methyl ketone (=O replacing =CH2), I can make the same argument. If I replace the group on the carbonyl with another atom (Cl, H, CH3, Ph), it will be reflected in the CH3 acidity by being passed through the C=O carbon. If I replace the CH3-group of a methyl ketone with an NH2-group or an OH, I can continue to use the same arguments. In the case of an OH, I have the combined effect of having a reasonably electron withdrawing oxygen atom attached to an electron withdrawing C=O group to further increase the H-electron pair distance and increase acidity.
I argue that it is the increased proton-electron pair distance that enables the TS, not the other way around. If a methyl group were attached to a poly-ene, it wouldn't be the resonance energy that would make the proton acidic (or not). I think it would be increased in acidity for the reasons I outlined above. Because the net electron withdrawing properties of ethylenes are insufficient to create an equilibrium TS with many bases, that no reaction would take place (except with very strong bases).
If I can go from a pKa of 50 to 44 in ethane to propene, then to go from 16 to 10 in ethanol to phenol seems about right for a simple inductive effect being transmitted through an oxygen rather than a CH3 group. I concede this is not the common explanation, but it is the one that I prefer.