By my definition, most times, money is not always involved (only in certain cases).sorry for the confusion! after i re-read the thread and saw your earlier post of how you define the term "queerbaiting," i deleted the definitioni copied from the web. but to answer your question, i would simply call it being "conned" or "scammed." as @Finaldestiny986 mentioned, women can use their sex appeal to take advantage of a shy introverted guy who's lonely and looking for love. being scammed has nothing to do with a gay or straight, imo.
but i suppose if someone used an important thing or aspect of my life to get close to me, get me like or trust them and then scammed me, it would be more upsetting as opposed to a random stranger. so if your gay identity is an important aspect of your life and someone used that deceive you, then i can understand how that would be upsetting. i can see how/why you call that queerbaiting.
you say this has happened to you several times. have you asked yourself what if anything you can do to prevent this from occurring again? you say it impacts your mental health. but then, why are you still friends with people who have done this to you?
I was talking more about queerbaiting, just in real life (they pretend they're LGBT, and then get mad when the LGBT person calls them out for being deceived).
Or, Option 2 (which I never considered) - The "straight" person could have a lot of internalized homophobia and could be doing this as deflection from the LGBT person they truly are.
Billie Eilish came out the closet after being accused of queerbaiting, herself.