It is just my speculation. From what I observed k-pop and west music are definitely related in terms of signs. From my observation i think men in heels represents that they are gay. Suddenly we are seeing a lot of celebs in heels. If you observe Sam Smith also have tattoo of boy in heel looks in mirror which definitely represents his gender. That's why we are seeing only particular member on heel in a group
Any time any man shows that level of flamboyancy, it's pretty darn obvious that they are not straight. Straight men might experiment with random flamboyant things occasionally, but they don't express it nearly the same way that men who aren't straight will express it. On one hand the heels are out of character for him in terms of fashion, but they also aren't out of character because he's telegraphing his sexuality.
Sam Smith's boy in heels looking the mirror tattoo is most definitely about being gay and seeing himself as that when he looks in a mirror. A boy could also mean that he's recognized that about himself from a very young age. (There's been a ton of research done about whether or not children are aware of their sexual orientation, as in, they certainly don't have inappropriate ideas floating around in their heads, but they simply know what they will be looking for romantically as they get older).
Armpits have debated YG's sexuality for years harder than they've debated about any other member (that's just my opinion on their behavior), but you are spot on. I know you say it's speculation, but I think you're right that he's gay at the very least. I dunno, I've always gotten the impression from how he behaves, dresses, some of his lyrics, that he's not trying to hide it and is probably the most aware of his sexuality (that's really just my best guess though).
Also, of all the photos he could choose to share, he's chosen those that show off the heels AND the very interesting posture/pose, and the way he's standing is a bit teasing. That's completely on purpose.