The following is highly speculative, but will satisfy the curiosity of anyone who's been wandering around Britain lately and wondering what bunting is, and whether there's a verb to bunt.
Bunting was originally just the material from which flags could be made. It seems to have come from the old verb to bunt meaning to sift, because that was what was done to the material when bunting was made (or possibly what was done with it afterwards). That in turn may come from the Latin bonitare, which meant to make good.
So bunting, etymologically, makes things good.
There is also an old naval phrase - bunting-tosser - for a ship's signalman who put out the flags.
And as an odd bit of historical trivia, that's the first American flag in the upper right of this post. Also, have a look at the flags in the background of this painting of the Declaration of Independence.