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rainbow capitalism is mostly marketing towards polite liberalism. Homophobia/transphobia is their attempt to pit people against each other. Just like racism, it is not that these things didn't exist before capitalism, but the exacerbation and use of it to divide the working class is what capitalists and reactionaries use.
You're absolutely right, my example was not a good one. Although we are still not exempt from being used as pawns, even though we are often a little more educated about the methods that are being used to do so.