Although, I've never had an issue, I have thought about its casual resemblance to a handgun, from a distance.
I don't use the holster it came with, preferring to carry it with my packed gear. It is usually the last thing to come out after setting up the camera. By that time I've already judged the light to be suitable enough to compose a shot. Mostly, the meter merely confirms the exposure and any contraction or expansion necessary (per the ZS) of the negative. Any legal authority observing its use in locales I generally shoot after a large camera is already tripoded, is likely to have the common sense and experience not to be concerned. Frankly, I do not like shooting with others around at all, so my experiences are somewhat limited in that regard.
BTW, and I've heard this from quite a number of Western shooters, that many actually carry and have had to pull out their actual handguns for personal protection. Being all consumed under a darkcloth in remote locations, I can certainly appreciate the desire for this level of personal security. So, I might pose a parallel question: How many LF shooters actually carry?