I used to walk around town/campus a lot and sometimes the thought would cross my mind. I did it a few times, never got insulted or anything but I did honestly feel like I looked weird, anymore I usually just sling it over my shoulder and call it a day. I don't really associate it with "homo" or 90s, I honestly more associate it with looking kind of childish (probably because I haven't seen many people do it since I was... well, a child).
The utility is nice but honestly it's only a tiny bit more convenient than just carrying it around over your shoulder. I say it's generally a no-no.