I do set my bow in the cloud, and it shall be for a token of a covenant between me and the earth. And it shall come to pass, when I bring a cloud over the earth, that the bow shall be seen in the cloud: and I will remember my covenant, which is between me and you and every living creature of all flesh; and the waters shall no more become a flood to destroy all flesh. And the bow shall be in the cloud; and I will look upon it, that I may remember the everlasting covenant between God and every living creature of all flesh that is upon the earth. And God said unto Noah, This is the token of the covenant, which I have established between me and all flesh that is upon the earth.
Genesis 9:13-17 KJV
I feel that way too, with hesitation. I'm not sure how it should be done.
A rainbow is a spectacular event. It's not a thing. It has no physicality. When I was young, I could see where one terminated in the distance. I tried to drive to that point, but the point always changed.
A rainbow is a process that we can never imitate. A pride flag is certainly no rainbow. It's a mockery of one.
Then I would suggest we openly mock it with the context of it being a perversion of Gods covenant.