It's only gay if your balls touch.
Watches don't become gay; people do. By standard "gayness" rules, Panerai are the Brokeback of watches, all repressed macho leather straps doing manly jobs on the outside, but so gaygaygay on the inside. However, that doesn't mean everyone wearing Panerais is gay, much like wearing leather chaps and a cowboy hat doesn't make you gay ... not all the time, anyway.
Much like being called out for wearing replicas, it's not the watch, it's the person wearing it. Some people will get called out for wearing a replica Rolex no matter how good a replica it is and others will never be called out, much like some straight men can make a Chanel ceramic watch look like a decent fashion choice and some gay men can make a Seiko diver look like a gay accessory.
If your shopping decisions are made by whether or not someone else thinks something is gay, you're in trouble, but they're in even more.