Inside perspective at an LGBT employer - not all it’s cracked up to be?

I had a surprisingly disappointing experience at work today and I’m interested to hear if anyone has any stories (positive or negative) about working at an LGBT friendly workplace?I work at a large firm in Australia that has very LGBT-friendly policies, and in the past 3 or 4 years has won quite a few LGBT awards. We have an LGBT network, all official policies are orientation neutral, and diversity and inclusion are the current buzz words. On paper we appear like a great place to work, but my experiences of working in the office don’t always match this great imagine.A couple of months ago we had an internal anti-discrimination advertising campaign, covering the typical discrimination areas like working mothers, woman, and minorities. The anti-gay-discrimination poster had a slogan that said something like “I don’t call things gay, because that discriminates against gay people”. I’m sure we’re all familiar with gay being used as a synonym for bad, and it was a nice sentiment but unfortunately it basically encouraged my colleagues to adopt gay as an adjective for most things bad that happened.Today in the open-plan desk area someone called another person by the name of a well-known gay sports star. That other person then said that was defamation, and then the dozen or so people (men) joked for a few minutes about the sports star, then other gays, and it finished with someone joking threatening to refer the conversation to the HR manager.I should note that I am not out at work (actually not out at all), and so whilst I may not be presenting an honest picture to my colleagues, they are presenting an honest picture of themselves to me. I think one of the reasons I’m not out is because of this type of behaviour.I’m curious to know if anyone else has experiences at a place that purports to be LGBT friendly? This might sound like a bit of a rant, but sometimes I feel that the LGBT policies are only there for marketing reasons, not to make life easier. It’s one thing to be apathetic to this, but to actively promote an inclusive workplace externally but then to allow, and occasionally have some senior people engage in, the opposite is hypocritical and to be honest disheartening.*I actually wrote and posted this a couple of weeks ago but it got deleted by the automoderator. I had a related experience today which made me want to ask the question again.