I haven't lived in Utah the last decade, but I like the design and actually do think it makes sense to have a new flag.
I live in Colorado, which has a timeless flag. By looking at it, you'd think it was a new design, but it's actually 112 years old. It's very common to see the flag in Colorado on cars, every type of clothing, and as decorations. In fact, I'm wearing my Colorado flag hat today. It's a community pride thing.
You may not believe it, but I think the new Utah flag can bring some pride and unity. In Utah especially, people seem to be embarrassed to be from Utah. Don't believe me? Check your Facebook friends profiles. Even if they spent a weekend in another state, they'll claim to be from that state.
I'm positive tourists will snatch up the Utah flag merchandise. I expect to see it in my neck of the woods eventually. I may even get some.
It may seem like a waste of time and money, but this is about branding. Utah has a lot of resorts and parks to advertise to tourists. I think it will be a net positive.