Isn't it kind of obvious that you're reinforcing negative connotations of the word and trivialising homophobia when you use it in such context? It's like calling something autistic just because you don't like it.
I think using it in the context of calling something stupid totally ignores any homophobic connotations. You are using the word for a totally different meaning.
Except you end up equating the word "gay" as having the same meaning as the word "stupid", which implies there is something inherently wrong with being gay.
Not really
Is the word "cool" a word used to mean that being cold is inherently great?
Cool is warmer than cold though. So yea, actually, if the weather is cool outside, or there is a "nice cool breeze" then it is typically seen as good weather.