I like the idea of supporting our gay/lesbian/trans/queer/anything friends who often get bullshit insecure people punching down on them. I like the idea of making people feel more welcome. I like the idea of helping people determine who they're talking to in a simple way.
I also understand the worries about cancel culture / virtue signalling / narcissistic bullies co-opting otherwise positive ideas as a means of attacking people, being divisive, and spouting their own hate. I don't really see VC as the kind of place that will happen. If it does, we can all call it out.
Implementing this as Naomi has explained it seems totally harmless and helps anyone interested in doing so. So, I'm cool with it.