To add a little context, I'm familiar with St. Augustine more than other bishops; I'm specifically thinking of works such as his "On the work of monks", where he contrasts the virtues of a monastic lifestyle with what he portrays as greedy travelling ascetics; was this a widely held attitude or a prejudice that was quite specific to him?
You'll find that there's a tradition condescension, suspicion, and resentment between clergy and enthusiastic laypersons that spans Late Antiquity and the Middle Ages. The Church distrusted itinerant preachers because many of them were quite charismatic. They could divert money and attention away from parish clergy and monastic houses (thus Augustine's complaint), but they could also propagate beliefs that were doctrinally ignorant or suspect.
In the end, I'd argue that the latter aspect was more important to the Church as a whole. As I'm sure you're aware, the monasteries quickly became cash magnets, so the financial issue (at least where monks are concerned) would eventually resolve itself.
More concerning for the Church were the doctrinally ignorant, or even suspect, messages lay preachers might propagate. Ordinary laypeople couldn't be trusted with the complexities of the faith, or a copy of the Bible in their native language. That's how, in the estimation of the Church, you end up with heretics, excommunicates, and zealots.
Francis and his followers reconciled with Innocent III in the 13th century--the first major instance in which the Church recognized a formal order of mendicant preachers. Even then, they were by no means universally beloved.
R. N. Swanson gives a good overview in Religion and Devotion in Europe, 1215-1515. (Not the best choice, but I'm in the middle of a move, and the books you want are always the first to be packed...) (And mind you, as excellent a text as it is, it is not bedtime reading. Make sure there is a ready source of caffeine close by before you dive in.)