Fanny packs are also known as Fag Bag's in SoCal. Around for century's with most cultures and all over the world. Before pockets (and pants) were worn there were fanny packs, or some form of. From coins, fishing and hunting supply's,fire making things, dried food, etc. Warriors & soldiers used them as part of needed equipment.
Also are shoulder bags for men. Which also comes under the heading of Fag Bags. Still popular in Europe last I heard. Fanny packs & shoulder bags reflects greatly on the the male who wears one. By popular culture rule of thumb, it's a gay thing. That may change over time. Another rule of thumb, now a days, is that BB'ers are two things. One, 'roid's/juice users. Second, gay. if a BB'ers wears a fanny Pack, that may cement the notion that he is gay.