I doubt it’ll ever be redesigned.

The reason it’s badly designed as is, is that people wanted specific inclusion into the primary symbol. There’s really no way to change a rainbow; it’s the standard spectrum of visible light being used as a symbol of everyone in their diversity being part of a group.

To be any more inclusive, you have to put things on top of the already inclusive rainbow. A corner piece or an inset is the only way to do that that isn’t horrible looking no matter what it is.

The chevrons from the side are at least visually balanced, though not well chosen colorwise. Then again, the representative colors weren’t chosen with being added to a flag in the first place.

Once you start changing an established symbol rather than just coming up with a new one, design goes out the window. It’s no longer cohesive because it can’t be. It’s like the difference between someone planning a tattoo that covers their arm, and someone getting a few dozen tattoos on their arm. Shoving things together without a plan ahead of time is airways going to be less visually pleasing.

But, visual pleasance isn’t what the flag is for, so maybe it’s more effective than something planned from the beginning. I dunno, but the fact that it isn’t “just” a rainbow does mean you can’t mistake it for someone liking rainbows in general, so that could be a benefit of that change.

I don’t agree that the original rainbow flag has too many colors though. If you don’t have the standard color spectrum there, it isn’t a rainbow to most people’s minds, so it would be worse design. The standard ROYGBV is standard for a pigment rainbow for a good reason.