I've actually seen those hats before. I think they were around before Nutt, but yes they are stupid. They are probably worse than the blue and red Don King wigs that the kids seem to all want to wear.
I actually don't think the Hog hats are that bad, mainly because they've been around for a long time, which makes them more of a tradition than a fashion statement. It's a little bit like cowbells. If you just started ringing cowbells just for the heck of it, they'd be as gay as thundersticks, but since it's a tradition, it's actually respectable.
The big red foam cowboy hat with big blue M = ghey.