Look but don't touch
Being showy or colorful in the avian world is often used to attract a mate. In the insect world it often indicates that the creature is distasteful or in the case of this caterpillar toxic to touch.
This American Dagger Moth caterpillar (Acronicta americana) is covered in fine long hairs that contain a toxin that can cause a burning pain, rash or hives if handled.
This one was on a bench at our local dog park so I relocated it far away in the woods so no young children or dogs had a nasty encounter.