I don't know. There have been stranger fashion trends in history--codpieces, anyone? Curly toed boots? Those hoods with the long tail thing trailing down from the back? There's nothing really wrong with any of these things, and more power to people if they want to wear them. But if I saw somebody walking down the street wearing a codpiece, curly toed boots, or the 'happy tampon' purse and trying to take it seriously, it would be hard not to laugh.
As a serious piece of fashion, it doesn't appeal to me personally. Don't get me wrong, I like girl parts a lot (I am a 27 year old heterosexual male, after all). But I like them where nature put them, and I like them as part of a whole body. Seeing a disembodied one on a purse doesn't really do anything for me, artistically or otherwise.
At least some people might wear them as a gesture of protest, but I've never really taken the idea of phallic imagery too seriously--yes, things like swords and guns and rocketships and lots of other things are somewhat penis shaped, but but before we attribute this to all kinds of deep-seated psychological causes shouldn't we also acknowledge that Form follows Function? I would like to see someone design thoroughly non-phallic versions of all these things and demonstrate their functional superiority, because unless this can be done in most cases we should at least consider that things are shaped the way they are because that shape is the most useful for the desired function.
One other thing to keep in mind is that humans are very strange creatures, and while we might like to think there is general consensus on a lot of things there really isn't. There are religious groups with millions of followers who worship penises and vaginas and use them in routine rituals. There is a Shinto ceremony where you write prayers on little clay penises and put them all in a shrine, kind of like how at Christian churches you can light prayer candles. There is a fertility festival in Japan where they carry a 9 ft long, 620 lb penis like a float in a parade. A lot of pagan religions made idols and artwork of penises and vaginas that were probably taken just as seriously as we take crucifixes, stars of david, and others today.
The bottom line is, I think those things are a bit weird, and would probably not buy them for anyone I knew. But I would not be at all surprised if there are people in the world who would be totally fine with them and treat them very normally, and I can respect that. Just forgive me a few immature giggles, and if you want to explain it I would be very interested to listen!