Bud Light is now forever the “gay beer”. There is no way to take away the tarnish short of totally abandoning the brand altogether.
From a marketing standpoint, there's no problem positioning one of many like products as a queer beer. Hire various out and about pro and former college athletes to endorse it. Show gay couples in ads like some of the banks and insurance companies.
They have Natty Light, Michelob Light, Busch light, and could bring in their Beck's Premium Light, Cass Light, Keith's Light, KoKanee Light, Pacifica Light, Lakeport Light, and maybe others. I don't think they have US rights to Labatt Light or Modelo Light.
But there are plenty of products they could market to straights.