Do pennants serve any purpose? Do they provide bonuses?
Purely cosmetical. Which can be a bonus for some 
It might be useful in groups if you want to keep a special eye on certain members.
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Thanks for reply.
Based on that, hard to understand why they make Harvest such a rare drop.
Some of the cosmetics have been given as rewards in season journeys, rewards for preordering or purchases, some can be found in the game.
The cosmic wings are so rare and special that for many they are worth the trouble.
Maybe Meteorblade will submit a post about all the special cosmetics.
BTW if you like the game then getting the Reaper of Souls expansion will make it far, far better.
Everything about cosmetics anyone would ever wish to know has already been put together by MissCheetah and Tias on the US forums, in this stickied thread…
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Keeping an eye on a particular member? What did you have in mind?
Like if you’re veteran playing with noobs and leading the way. Or you just want everybody to notice you 
Easily being able to distinguish the zBarb so everyone knows where to stack.
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I shall therefore have to dispense with my pennant: Fewer status symbols 
Or else, fewer millstones around my neck 