This one's kind of freaky, I personally love it but being a bodybuilder is probably why I like this stuff. Just as the old saying goes opposites attract, Like likes Like as well. As for another answer to why people like Hyper Masc, it's fetish and it's also freedom. Gay men are traditionally characterized as campy, androgynous/feminine or amasculine. The trope that gay men aren't men, that they've somehow forfeited their masculinity is still quite alive and well. Truth is that a lot of gay men are not camp, in fact I would venture that most of us aren't, but the stereotype remains because that's what "normal" people find the most "disturbing". Hyper-masculinity, is on the face a response or counter to that often promulgated notion, it's basically the pendulum swinging in the complete opposite direction, being so overwhelmingly male that even the most strict homophobe can't say "that is not a man." It's the "I'm such a man, I'm so male that I only bed other men, only another man, powerful and strong is enough to satisfy me etc." And yes I agree that almost broaches if not embraces notions of "toxic masculinity" but it's ultimately about taking one's maleness "back" from those who would suggest otherwise. I'm a bodybuilder, my BF is a bodybuilder, I started for stress relief via exercising and found I got hooked my BF started in Highschool to not feel as small and vulnerable to those who mocked him. And that works to an extent. If I have biceps the size of a bigot's head and my arms are as big as his legs, he'll probably think twice about harassing me.
TL;DR
So in short, it's a fetish, an empowerment, a statement and at least to some people it's really freaking hot.