DISCLAIMER:This joke is homophobic. "Trump being embarrassed for people thinking he had a gay relationship makes him homophobic. Affirming that embarrassment by making it the butt of the joke makes the joke homophobic"
this article explains it well: https://newhumanist.org.uk/articles/5082/the-dangerous-stereotype-of-the-self-hating-homophobe
I can only speak for myself in detecting homophobia and I'm not always the best judge. I don't want to deny your experience either, I'll just say what I'm seeing:
There were leaks earlier that someone texted about Trump gave a blowjob or something to someone called Bubba. Then people speculated it was either Bill Clinton or even the nickname of a horse (I think people were just reaching for extremes in the memes).
Assuming the leak was real and person that sent the message was real and that Bubba was the nickname for Bill Clinton. I think people are just putting out fakes of the evidence of that?
I don't see anyone saying it's not "manly" to be gay or that being gay is undesirable?
Like I said, if I twist myself a bit a little too I think I can see the "haha gay people" angle. I just don't think I see it, maybe it's because I would like to think homophobia is so played out I would think they'd make a better joke or that secretly gay politicians is so common now.
That doesn't mean you're wrong though for sure, just because I can't see it doesn't mean the author's intent isn't there.
The implication is that it would be embarrassing for him to have had a gay relationship.
Trump not wanting people to think that he's gay is the other half of the homophobia, and by making that the butt of the joke, we've affirmed it.
I think I can see where you're coming from in that way.
I'm not gay so I'm not as sensitive to these jokes. I am Asian, however, and I dislike "Uncle Roger" for what I think is similar to this. The butt of the joke is that Asian people speak funny. So I think it's similar to what you're saying. The butt of the joke is that it's embarrassing to have a gay relationship.