I think most people don't count it because it was to be a bad image change. Adonis was being punished for letting himself get too out of shape. As for the homophobia, it was 1986, so that sort of thing was still acceptable.
I know people have made that claim about it being a punishment gimmick but I've never heard it from a credible enough source to believe it. According to what I had heard from Roddy Piper, the gimmick was used because Adonis and Piper were pretty much best friends and the gimmick was used to help Piper, who was one of the most hated heels in wrestling, get over with the fans as a face. Piper was despised, had his boxing match with Mr. T, went on a leave of absence and Adonis was given the gimmick with the Flower Shop interview segment in an attempt to turn the fans onto Piper so he could retire as a face at Wrestlemania III. From what Piper said, he wanted his last match to be with his best friend and thus it was Adrian given the gimmick. Since "gay"wrestlers were instant heat, they saw it as the most effective method to get fans behind Piper quickly.
And yeah, I am fully aware of how homophobia was more acceptable back then. However, the age of the gay wrestler as a despised character is not completely over. Maby indie promotions still use this as a means to get quick heat.
I am not saying the punishment thing is wrong, but it really seems to be a rumor with no real hard evidence behind it. It could be true and Piper may have just been talking up his friend, but I tend to believe him.