Basically, what else could it be apart from shot bearings?

Thanks.

Flogged cush rubbers, knackered spindle, improperly tightened axle. Also double check it is the wheel not the swingarm. What did you do to diagnose the play at the wheel?

I had it in the paddock stand I have (rear obviously) and just shifted the wheel left to right and it moved.

Add overtightened axle (crushing the wheel bearings) and your spacers to the things above to check.

There aren't really a lot of things it can be.