Close, I think it’s more about signalling you’re not into traditional gender roles. There are women who are into that, just like there are gay men who don’t like effeminate men. If you live in a place with enough potential friends and lovers it saves everybody time, and you look fabulous to boot.
Or goth
Yeah mostly where I've seen it on guys is in the metal / goth / punk / i'm-in-a-band-but-not-really scene. No connotations to homosexuality AFAIK.