Not only do these flags scream, "I'm only patriotic once every 4 years!" but they also increase drag, making it more expensive to get from A to B.
A portmanteau of 'flag' and 'faggot'.
Guy #2: Yeah, what a flaggot.
A) Just to be an asshole, or
B) Because they can't handle a small amount of innuendo/slightly suggestive material in a video.