I mean, Hispanic and Latino men have a whole other bevy of issues to deal with when it comes to masculinity, but that's a whole other topic of discussion.
Some of it is also due to societal pressure. I remember some years back (90s/early 2000s), a soap opera actor named Eduardo Capetillo would get regularly teased in Spanish gossip magazines for his incredibly hairy chest. When Marimar, the popular telenovela he starred in got imported to the Philippines a few years later, the actor's hairy chest became kind of a running joke among Filipinos, too.
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It even got to the point where his son, who is likewise very hairy, would get tons of comments on his social media when he posted a picture of himself shirtless at the beach, telling him he looked unattractive and that he should shave his chest.
I don't understand it personally. I think Eduardo Capetillo is one of the most attractive men out there and it really makes him stand out amongst the cookie-cutter macho leading man types that are usually cast in telenovelas. I'm glad that Capetillo never gave in and kept his hairy chest.