This seems fine to me.   In pattern matching, it has both the meaning and pronunciation of "or":

    case "this" | "that": ...

It has similar mean in the re module:

    r'abc|def'

And it is also used the same way in typing:

   s: list | tuple

We've also long used it for sets:

   rich | tall       # People who are either rich OR tall  

Based on this, I don't there is any reason to suspect it will be confused with bitwise-or.

The only place the operator really isn't harmonious is with dicts where its meaning is "update" and where it isn't commutative.