Or, that's in color frequency order- red-orange-yellow-green-blue-violent. High school physics class. Makes it easy to tell how deep your comment is in the thread. I doubt very much that LGBT had anything to do with the design.
Hahahha this dude. It's a rainbow that makes it easier to read which comment is the parent comment and what you're responding to. Most 3rd party Reddit clients do the same, like Sync for Reddit which is awesome.