I don't think there's any direct connection. I highly doubt that those who decided to put this rainbow on google.com for pride month were thinking about that issue. But certainly those of us working in search quality weren't happy to learn about our algorithm synonymizing "gayest" to "worst". It's a tricky problem to solve algorithmically, though, if you think about it. It seems harder to identify such cases than, say, Googlebombs, which were addressed in 2007:
http://googlewebmastercentral.blogspot.com/2007/01/quick-wor...
( But this response is the right response: http://asofterworld.com/index.php?id=710 )