For example, some women just like looking at babies. They may be reminded of their own babies, or thinking of babies that they'd like to have someday. Also, women may be more likely to talk to a man who seems non-threatening (men with babies are probably responsible for very little violent crime!).
While it is possible that babies smell a certain way, and even a whiff of that scent makes women more aggressive, I'd be surprised if this were the most relevant pathway for 'why women are more likely to approach a man with a baby than a man without a baby'. The main variable is the presence of the baby, not how the baby smells.
Now if you tell me that women were more likely to approach you when you had recently been holding a baby...then I think we can draw up articles of incorporation and start a new cologne company.
But the smell is also a factor, that's the thing, humans are the single hardest animals to study, cause we are way, way too complex.
A wedding ring can provide the same signal ;)