Just because rainbows have been chosen to be a symbol for that community doesn't mean that it's somehow exclusive. No more so than apple choosing an apple as their logo means that the only thing anyone connects with an apple in their mind is apple computers and apple owns the apple. Wearing specifically the apple company logo would obviously be saying you like apple computers but just wearing anything apple related would not. Same thing here i would think, the magic band doesn't say pride or LGBTQ etc on it. So it's just a pretty thing he likes, it has no meaning if you don't want it to have that meaning. I do not think anyone would say anything but on the off chance they did I think my response would be something along the lines of "it's just a rainbow, moron." even if you personally are wearing it as a pride item, i would still say that, just because people that assume things annoy the crap out of me.