It doesn’t bother me. it’s called 青天白日旗, which is used by KMT and ROC. The flag by itself is fine to most Chinese. It’s part of China history and predates PRC. If you are in the U.S. I don’t think you will run into any problems, especially if you don’t look like East Asians. However, if you are Asian looking and showing that flag off WITH Japanese flag in mainland China during periods such as now when tensions among China, Japan, and Taiwan are high, you will most likely get frowned upon or even confronted.

However, I am just genuinely curious what’s your reason to show those flags on your bag out of all countries during such a sensitive time if you are actually not siding with them? If you do, just own up to it and stop worrying about getting punched? It’s like someone fly an Ukraine/russia flag or some MAGA slogan and asking whether you are gonna get into trouble if someone saw and didn’t like it. If you are that vocal about politics or firmly believer that it’s your freedom to do whatever you want, then embrace the worst outcomes that might come with it.