No, it’s from the ATI logo which is red and was co-opted by AMD after its acquisition of ATI in 2006. Team red is AMD, team green is Nvidia, and team blue is Intel. See: https://www.reddit.com/r/Amd/comments/81r2d9/what_is_red_tea...

It unintentionally may attract various political party fans, as well as other fans of the color red.

Coincidentally, China is associated with the color red, and AMD was forced out of China in 2019 for having a relationship that was too close: https://www.wsj.com/articles/u-s-tried-to-stop-china-acquiri... https://en.m.wikipedia.org/wiki/AMD–Chinese_joint_venture

But, team green and team blue have China links as well. For example: https://www.nytimes.com/2020/11/22/technology/china-intel-nv... And also possibly relevant (x86): https://en.m.wikipedia.org/wiki/Zhaoxin

As for the bull- bulls are associated with red for multiple reasons ( https://en.m.wikipedia.org/wiki/Muleta in bullfighting, Red Bull caffeinated drink, color of Bulls NBA team jerseys). System76 marketing: “No bull. ...Is it charging? It's charging. Must be all the AMD red. Time to run. No, bull!”