A hammer or steel bar, on the other hand, is not immediately threatening because for the most part they aren't used to harm people.
I was walking behind a guy this weekend and noticed a Glock sticking out of the back of his pants. It's a little unnerving that one would just stroll around with a weapon that can do so much damage, so easily, in such a casual way.
As a Canadian living in the US, I don't think I will ever get used to the sight of casually toting around guns on the street - particularly when it's just tucked into your waistband.
To be fair though, there are holsters that go inside the pants hiding the gun and leaving only the handle sticking out.
EDIT: I'm not denying that you saw that guy with the glock, but your last sentence makes it sound like it's a common occurrence in the States, and it really isn't.
That's not to say that I hope to ever have one pointed at me.
Not to mention how much harder it is to shoot something moving, compared to something that isn't.
Remember that you are dealing more likely than not with a psychopath; it's as psychologically easy for them to knife you as to shoot you. The issue is that a gun is technically harder to use than a knife. Even at 10 feet, trained marksmen regularly miss moving targets.
"I slashed people, rifle-butted them. I was punching and kicking. It was either me or them. It didn't seem real. Anybody can pull a trigger from a distance, but we got up close and personal."
20 insurgents killed at knife point with zero British killed.