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Yeah, there's no laws against it, and it's not really all that disgusting. As stated, it's not really shaped for the male package, but that's your concern, not mine.
But think about it from a practical perspective. How many people are gonna notice? Literally only the people you get naked in the same room with. It then boils down to what they'd think of it. Moreover, where did you get the underwear? I know plenty of couples where the girl purportedly wears her boyfriend's underwear. I imagine that there's less of the other kind because of the outlined physical limitations. If they're NOT your girlfriend's, then you have another issue, and the question no longer applies.1