lots of people here seem to be indicating that target and starbucks are doing this because it's not profitable to do rainbow capitalism. it still is, as much as rainbow capitalism is kinda revolting conceptually. nothing has changed except the following:

far right nazis, emboldened by the increasing political power of nazi homophobes like trump, desantis, and like 60% of gerrymandered state legislatures, are sending death threats to places that put up pride decorations and products. they're also showing up to harass and scream at employees about it.

it's terrorism. this is what conservatives do. and starbucks and target are full of cowards for letting terrorists dictate their behaviours.

quickly editing in sources since some homophobe in other replies tried to lie about it:

target receiving bomb threats about LGBTQ+ merch: https://www.washingtonpost.com/business/2023/06/12/target-bomb-threat-pride/

starbucks internal comms and rumours specifically mentioning target bomb threats as rationale for removing decorations: https://www.nbcnews.com/nbc-out/out-news/starbucks-denies-unions-accusation-banning-pride-decorations-rcna89043

DHS warning about far right terrorism targeting LGBTQ+ and Jewish folk, for context and validation: https://www.nbcnews.com/politics/national-security/dhs-warns-terror-threats-lgbtq-jewish-migrant-rcna59426