All this.
I am in the camp which thinks your nominal topic per se rarely really matters (and AOs will say this too). The real topic of your essay is always you, and the real theme of your essay is always something like, “I am a special individual that you would really love to meet, and that your teachers and students will love having in your community.”
Your identity is not itself special in that way. Not that it is a bad thing, and identity-related activities are important on many campuses. But the attribute itself isn’t going to explain why you in particular are that sort of special individual.
But I am sure it is possible to write an essay that is nominally about that, but which actually demonstrates how you are interesting, funny, thoughtful, and just generally the sort of person they are hoping will leap off the screen.
I note a common way to do this includes telling a story with a lot of very specific details that create very specific images in your readers’ minds. This is a basic human psychology thing–specific stories and images engage the imagination, and sort of pull the reader into the essay as an active participant. That then makes it much more likely they will be entertained, interested, emotionally affected, or so on.
And again, that story can be about almost anything. Like, a really good raconteur can spontaneously tell an entertaining or thought-provoking story on the topic of what they had for lunch, because they understand how to engage an audience in these ways no matter what they are nominally discussing.
So of course a really good raconteur could tell a great story about coming out. But they wouldn’t be leaning on the nominal topic, they would be using these techniques to tell a great story.
Edited to make this more obviously applicable to prep school (although I think the point is applicable in any such context).