I actually do want to see this movie, because I like Billy Eichner. But I'm not terribly surprised that this movie would flop.
I haven't heard much about it from anyone, which is to be expected, and the marketing didn't really suggest graphic sex scenes, but I'm not sure what that means in this case so I'll reserve judgment there.
What I will say is that the entertainment business went down this road a long time ago, where they've been pushing more and more gay characters and content inside the larger push for superficial "diversity".
It's hard not to notice that most modern movies and TV shows include multiple gay characters, in some cases re-writing characters established as straight to be bi-sexual or gay, and of course their marketing campaigns are constantly pushing their cast / characters' sexual, racial, and gender identities as the reason we should all rush out and see the things.
And if people don't rush out and see it, or if they respond negatively to the marketing campaign, more articles and publicity can be generated by calling those people bigots.
The problem is, contrary to what a lot of folks in academia and entertainment would have you believe, there just aren't that many gay people. There are even way fewer trans people. The LGBT label kept adding letters because that's the only way their coalition could be big enough or include enough people to be taken seriously. The "Q" and "+" parts of that label especially are basically catchalls that can encapsulate people who just want to be a part of the group.
In reality, what we're seeing now in most media is not "representation" but significant "overrepresentation".
Consequently, a movie "about gay guys finding love" actually has a very small inherent audience. The vast majority of people aren't gay and a movie that is about a gay romantic experience doesn't really appeal to them.
On the other hand, everyone does like to laugh.
So if the movie had been marketed as one of the funniest comedies of the year, and the promos focused on some of its hilarious scenes, witty jokes, and wacky scenarios that would appeal to everyone, it might have attracted a lot more people. Also Billy Eichner is a bit of an acquired taste, so if he was maybe balanced out with some other comic actors that could - no pun intended - play the straight man against his giant personality, that might entice more people as well.
But instead, when the film's marketing is all about being gay, and not as much about being hilarious, a bomb is fairly predictable.