There is a difference between in your own country and on another continent, and in normal part of town vs slums/ghettos/poorer districts/ rough neighbourhoods.
That written on another continent your never going to blend ind with that approach, unless you happened to have the same skin colour. I get the exact same approach no matter if I take on my normal clothing and fancy shiny camera backpack or if I wear old rags and an old worn out bag. I have taken pictures in some of the worst slums in Asia, India as well as some very poor part of the African Continent.
I would be seen as rich white dude no matter what I wear. So in those situations it doesn’t really matter much. I don’t know how many times I have been surrounded by a flock of kids in those areas of that reason alone, even when I looked liked a homeless guy. And some of the worst pickpockets in those regions are, yes, Kids!
If I went on shooting in Paris or other major western city, then it might be better to keep it low profile in certain part of town, but again the moment I take that shiny thing out of my bag it blows the cower.
Secondly I worked in such areas, they can spot a visitor, photographer miles ahead. That doesn’t mean I would walk into those areas with a huge sign on my back, especially not after dark. But every where’s else I would not be concerned about a camera bag that says expensive equipment, especially as it’s pretty dam difficult to find a spot these days where you would be the sole one.
Last but not least the risk isn’t really that great, you have a bigger risk of getting hit by a car. Reality is that the world has never been safer, it’s relatively safe to take pictures most places especially if your friendly and kind. As written I have walked around in very poor areas with a extremely expensive camera dangling around my neck, I have never been assaulted, because I eat, talk to, take my time with the locals. If I behaved like an ass then that might not been the case.
I'm guessing you don't live in o rnear one of these deprived areas, you simply visit. If such is the case, your arguments, while valid for your application, carry no weight on what I am talking about.
No I don’t, I also doubt many who can afford such equipment do, at least in the western part of the world. But I did live in Southeast Asia a few years back... there you always live next door to deprived areas.
I’m guessing your approach work because you don’t flash it, but only travels through it. But that isn’t gonna work if you do.