What? Yeah, Capitalism and Neoliberalism are not only detrimental to a progressive movement, they're ideological opposites, but we're talking about rainbow capitalism. "Rainbow capitalism" isn't an actual economic model or an ideology, it is a facetious name given to a tradition of corporations paying insincere lip service to the LGBTQ community to appeal to customers.

I'm fully aware of the unsustainable nature of capitalism inevitably leading to fascism in an undending effort to redistribute wealth to increasingly smaller in-groups. My point is that as hollow as rainbow capitalism was, it still served to superficially normalize LGBTQ identities and its end is the canary in the coalmine that this period of (relative) LGBTQ acceptance is coming to an end. Even the most cynical leftist can't deny that things have been better for gay, lesbian and trans people in the past 2 decades than they were in the previous centuries, and even if this progress was always doomed to fail, that doesn't change that its failure is going to have very real consequences for millions of people.

"The end of rainbow capitalism" here doesn't unfortunately mean the end of capitalism, it just means the end of rainbows. And while the rainbows under capitalism may not have contributed to a genuine, sustainable progressive movement, they at least made it marginally safer for gay and trans people to be themselves for a while.