It's not about looking gay. It's about aligning yourself with a mentality that can be compared with the guys who dress up as storm troopers at a Star Wars convention. For a good portion of riders, it's really about make-believe and "looking the part".
Justify away..
If you want to believe it's all for show...fine.
But I think that says more about you than it does about most cyclists, who don't have any problem wearing functional clothing that's appropriate for the sport.