The LGBTQ term seems confusing.
First, i don't understand why you need "Q" mentioned, when the other letters already (broadly) cover all basis.
Then i don't understand why you need to separate "L" and "G", and the inclusion of "T" confuses gender identity with sexual preferences, complicates the whole thing.
It follows that everyone felt like they needed to have their variation, however small, included in.
But at least "LGBT" has mainstream recognition without sounding parodistic, so it's probably the best one to use.